Brent crude oil declined more than 3% to near $82 a barrel after Saudi Arabia lowered sales prices to the United States. That was the lowest level since October 2010.

U.S. light crude oil fell to a session low of $75.92, the lowest level since October 2011.

Saudi Arabia cut on Monday its December official selling prices (OSPs) to Asia and Europe on Monday, but lowered its selling prices to the United States.

The growth and inflation forecast cut by the European Commission (EC) also weighed on oil prices. The EC cut its forecast for Eurozone's economic growth to 0.8% in 2014, down from 1.2%. The economic growth in the Eurozone is lowered to 1.1% in 2015, down from 1.7% previously.