West Texas Intermediate futures for January delivery fell to $39.61 (-0.90%), while Brent crude declined to $42.76 (-0.56%) after OPEC, led by Saudi Arabia, decided to maintain high output levels despite falling prices and calls for a cut from poorer member countries including Venezuela, Ecuador and Algeria.

Now investors are focused on the upcoming Federal Reserve meeting scheduled for December 15-16. Strong jobs data released on Friday intensified expectations for a rate hike in the U.S. Meanwhile data on China's economy due this week are likely to drive prices in the near-term.