The geo-political tensions between Turkey and Russia were not supportive to the oil prices, which are now continuing to fall.

The current supply glut, lack of prospects of rapid improvement despite OPEC meeting, strong USD and weaker Chinese economic data are pressurizing the oil market participants mood.

"Due to be published tomorrow, China's Purchasing Managers' Index for the manufacturing sector (PMI) is likely to remain below 50, confirming the weak industrial demand", estimates Commerzbank. 

There is very little hope if any agreement will be reached with respect to the production cuts at the OPEC's meeting this week. The oil markets are not likely to be unsettled ahead if OPEC sticks with its strategy of defending market shares against non-OPEC producers and for considerable time, oil prices remain low.

"In our opinion, the most important thing if oil prices are to recover long-term is for non-OPEC oil production to decline lastingly. Consequently, the low oil prices are actually desirable for OPEC at present", added Commerzbank.