Investing.com - Oil prices edged lower on Monday, amid uncertainty about how quickly the global glut of crude is set to shrink.
The possibility of higher interest rates in the U.S., a broadly stronger U.S. dollar and slower global economic growth, especially in China, further weighed.
On the ICE Futures Exchange in London, Brent oil for January delivery slumped 9 cents, or 0.19%, to trade at $44.77 a barrel during European morning hours. On Friday, prices declined 60 cents, or 1.32%.
Elsewhere, crude oil for delivery in January on the New York Mercantile Exchange dipped 9 cents, or 0.2%, to trade at $41.61 a barrel. Nymex futures tumbled $1.33, or 3.09%, on Friday as concerns about a global supply glut continued to pressure prices.
London-traded Brent futures are down almost 10% so far in November, while U.S. oil is on pace for a decline of 10.5%.
The Organization of Petroleum Exporting Countries will meet on Friday to review their output strategy. Most market analysts expect the oil cartel to keep their production quota unchanged despite falling prices.
Russia said it will not send high-ranking officials to the OPEC meeting, adding to expectations for no action. Senior OPEC officials were quoted in recent days saying the group is unlikely to waver from its no-cut policy unless non-OPEC producers, such as Russia, were also in sync with the plan.
Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.16 a barrel, compared to $3.15 by close of trade on Friday.