Oil prices fell on concerns over the global oil oversupply. Goldman Sachs said on Monday that oil prices could fall further as storage capacities almost reached their maximum.

Market participants eyed comments by the International Energy Agency (IEA) Executive Director Fatih Birol. He said on Monday that oil prices could rise from mid-2016 on a lower investment in the oil industry.

"If it comes true, this will be the first time in two decades we will see oil investments declining for two consecutive years," he said.

Birol pointed out that oil investments already dropped by more than 20% in 2015.

WTI crude oil for December delivery declined to $44.11 a barrel on the New York Mercantile Exchange.

Brent crude oil for December fell to $47.84 a barrel on ICE Futures Europe.