Oil prices dropped Monday ahead of the OPEC gathering that is expected to maintain the production quota.
Traders are closely watching the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled in Vienna, the Austrian capital, Friday.
OPEC maintained it output quota of 30 million barrels per day at June's meeting. The cartel's output makes up around 40 percent of the global crude output.
There is no sign that OPEC will cut the crude output despite the huge price fall starting last year. Market worried that the return of Iranian oil to the market after the lifting of Western economic sanctions will continue to drag the prices down.
The West Texas Intermediate for January delivery moved down 6 cents to settle at 41.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 25 cents to close at 44.61 dollars a barrel on the London ICE Futures Exchange.
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