London Brent crude for December delivery was down 29 cents, or 0.6%, at $49.42 a barrel early on Monday after settling down 76 cents on Friday.

Nymex crude for December delivery was trading down 23 cents, or 0.5%, at $48.47 a barrel, after closing down $1.02 on Friday.

"There was a lot of talk and nobody managed to agree on anything. That has been pushing the market down," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore.

The potential tightening of the US presidential race after news of a renewed FBI probe of Democratic candidate Hilary Clinton was also affecting sentiment and putting investors off riskier assets, Halley said.

Opec and non-Opec said in a joint statement that Saturday's meeting was a "positive development" towards reaching a global output limiting deal on 30 November.

Russia expects to increase its oil output by 0.7% next year and a further 0.9% in 2018, the draft federal budget showed.

Crude production is seen at a record-high 548 million tonnes in 2017 and 553 million tonnes in both 2018 and 2019, up from an estimated 544 million tonnes this year, the document showed.

The cabinet of the United Arab Emirates approved a 48.7 billion dirham ($13.3 billion) federal budget for 2017, almost steady from 2016, suggesting UAE authorities remain cautious about spending as low oil prices pressure state finances.

Money managers cut their net long US crude futures and options positions for the first time in five weeks in the week ended 25 October, the US Commodity Futures Trading Commission (CFTC) said on Friday.