Oil prices fall on concerns over the global oil oversupply ahead of the OPEC’s meeting

Oil prices traded lower on concerns over the global oil oversupply ahead of the OPEC's meeting. The OPEC will meet in Vienna on December 04 to decide on the oil output limit. Analysts expect the OPEC to keep its output limit unchanged.

Reuters reported today that OPEC source said the oil price could decline toward $35 a barrel if the Fed will raise its interest rate this month.

Today's Chinese economic data supported oil prices. The Chinese manufacturing PMI fell to 49.6 in November from 49.8 in October, according to the Chinese government. It was the lowest reading since August 2012. Analysts had expected the index to remain unchanged at 49.8. The services PMI rose to 53.6 in November from 53.1 in October.

The Chinese Markit/Caixin manufacturing PMI rose to 48.6 in November from 48.3 in October, beating expectations for a reading of 48.3.

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.

WTI crude oil for January delivery declined to $41.55 a barrel on the New York Mercantile Exchange.

Brent crude oil for January fell to $44.10 a barrel on ICE Futures Europe.