The West Texas Intermediate (WTI) for December delivery shed 0.38 U.S. dollar to settle at 56.86 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 0.33 dollar to close at 62.18 dollars a barrel on the London ICE Futures Exchange.
"Today's losses follow similar gains on Friday, so there can be no talk of any clear trend on the oil market just now," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note, adding trade issue headlines are likely to dictate the direction on the oil market.
Market participants also grew concerned over a supply glut. The Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to discuss whether to implement bigger production cuts when they next meet in early December.
In July, OPEC and Russia, together with other non-OPEC members, agreed to extend a 1.2 million barrel a day production cut for nine months, a move designed to keep oil prices from falling.
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