Oil prices fell on concerns over the global oil oversupply. Market participants are awaiting 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.

The EIA will also release its latest estimates of U.S. oil output.

According to the U.S. Energy Information Administration (EIA) last Wednesday, U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase.

WTI crude oil for December delivery declined to $42.58 a barrel on the New York Mercantile Exchange.

Brent crude oil for December fell to $46.80 a barrel on ICE Futures Europe.