Oil slumped on Monday as investors wait for OPEC+ to decide if the large output cut that was made to support the market would be extended.
January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1%, to $47.72 a barrel by 03:55 GMT.
Brent contract was at $47.83 a barrel, down 42 cents. US West Texas Intermediate crude futures for January fell 48 cents, or 1.1%, to $45.05 a barrel.
Both benchmarks are likely to jump above 20% in November, the highest gain since May.