Oil prices declined on concerns over the global oil oversupply and over a slowdown in the global economy. China's economic data added to concerns over the situation around the Chinese economy. China's National Bureau of Statistics (NBS) said on Monday that profits of industrial companies in China declined 8.8% in August from a year earlier. It was the biggest drop October 2011.

Profits in the coal mining sector dropped 64.9%, while oil and gas profits slid 67.3%.

For the first eight months of 2015, industrial profits fell 1.9% from a year earlier.

International Monetary Fund (IMF) Managing Director Christine Lagarde in an interview with Les Echos that the IMF is likely to cut its global growth forecasts due to a slowdown in emerging economies.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 4 rigs to 640 last week. It was the fourth consecutive decrease.

Combined oil and gas rigs fell by 4 to 838.

WTI crude oil for November delivery decreased to $44.53 a barrel on the New York Mercantile Exchange.

Brent crude oil for October declined to $48.44 a barrel on ICE Futures Europe.