West Texas Intermediate futures for January delivery declined to $41.57 (-0.67%), while Brent crude slid to $44.25 (-0.43%) ahead of official data on U.S. crude stockpiles from the Energy Information Administration. Market participants are also waiting for OPEC meeting scheduled for December 4. Analysts widely expect the group, led by Saudi Arabia, to maintain output despite falling prices. The cartel is likely to defend its market share against competitors.

Meanwhile sources reported that Iranian Oil Minister Bijan Namdar Zanganeh sent a letter to OPEC calling on the cartel to reduce its current production of 31.3 million barrels per day to match its target of 30 million bpd.