Oil prices below $42

Singapore
Oil prices traded below $42 in Asia Monday ahead of an OPEC meeting and the release of data on China´s important manufacturing sector later in the week.
The market will be watching whether members of the Organization of the Petroleum Exporting Countries, which meets on December 4, slash currently high output levels and ease a crude supply glut that has depressed prices for more than a year.
Analysts said traders will also tune in to two key speeches by US Federal Reserve chair Janet Yellen this week for signs on the timing of a hike in US interest rates.
November data on China´s industrial sector is released on Tuesday, with traders looking for clues on the health of the world´s top energy consumer.
At around 0640 GMT, the US benchmark West Texas Intermediate for delivery in January was up two cents at $41.73 and Brent crude for January was trading 15 cents lower at $44.71 a barrel.