Oil prices traded lower on concerns over the global oil oversupply and ahead of the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

Market participants are awaiting the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna tomorrow. Oil production cuts could be discussed at this meeting. But it is unlikely that concrete results will be achieved at this meeting.

WTI crude oil for November delivery declined to $45.85 a barrel on the New York Mercantile Exchange.

Brent crude oil for November decreased to $48.57 a barrel on ICE Futures Europe.