On Monday, oil prices collapsed, as the focus of market concern is oversaturation of oil markets.
During European morning trade, on the New York Mercantile Exchange, WTI crude oil for January delivery fell $ 1.32, or 3.16%, to $ 40.58 a barrel.
Last week, the overall level of US supplies rose the eighth consecutive week, staying near the highs for this period of the year for the last 80 years and stressing concerns about oversaturation of the national stockpile.
On the ICE exchange in London, Brent crude for January delivery fell $ 1.04, or 2.35%, to $ 43.62 for a barrel.
Today, the spread between oil Brent and WTI is $ 3.04 per barrel compared with $ 2.76 at the close of the previous session.
The oil market is unstable in recent months amid uncertainty over how soon the world will begin to shrink the excess of raw materials.
The oil offer on the world market is still ahead of demand due to the boom in shale oil in the US and after the adoption last year of OPEC's decision not to cut production volumes.
OPEC plans to review its strategy for the production on December 4. Recently, Saudi Arabia and other OPEC members in the Persian Gulf have indicated that they will adhere to the policy of protecting market share, while maintaining production at a high level.
In addition, the quotes are also pressured by the opportunity of Fed to raise interest rates, and, in general, by stronger US dollar and the slowdown in the world economy, in particular the Chinese.
This coming Wednesday, market players will focus on a series of US economic data in the search for additional guidance on the strength of the economy and the likelihood of a rate hike in December.
In the coming Thursday, the US markets will be closed in honor of Thanksgiving Day and Friday will operate on a reduced schedule.
On Monday, markets in Japan are closed for a national holiday. The Eurozone is to release data on activity in the manufacturing and services sectors. Germany and France will publish their own reports. US will release private sector data on housing sales in the secondary market.
The last week, oil prices have fluctuated between growth and decline in volatile trading as investors reacted to the expiration of December contract of West Texas Intermediate.