Oil prices will have seen a 10% fall in November as a global oversupply persists.
A fall in Chinese stocks by more than 5% on Friday dragged Asian markets on Monday and those in Europe also opened lower.
The dollar was trading eight and a half month high against other currencies on Monday, making it expensive for other currency holders to buy dollar-denominated contracts, such as oil.
The Organization of the Petroleum Exporting Countries (OPEC) is set to meet on 4 December to decide on its production strategy in light of low oil prices.
Morgan Stanley analysts said that the meeting may also include discussions about new supply from Iran.
Ayers Alliance chief investment officer Jonathan Barratt said that OPEC and Russia are expected to negotiate and attempt to cut production.
Once sanctions targeting Iran’s nuclear programme are lifted, the country expects to increase its crude exports by as much as one million barrels a day.
Iran offered 52 oil and gas projects for development by foreign investors with local partners on Monday.
Image: A drop in Chinese stocks by more than 5% dragged on Asian markets. Photo: courtesy of m_bartosch/FreeDigitalPhotos.net.