Oil market languishes under $40

Oil sank Monday with New York crude languishing under $40 per barrel after OPEC opted against slashing high output levels late last week.

Traders were meanwhile switching their attention to the US Federal Reserve’s interest rate decision next week.

At about 1200 GMT, US benchmark West Texas Intermediate for delivery in January slid 69 cents at $39.28 a barrel.

Brent North Sea crude for January shed 53 cents from Friday’s close to stand at $42.47 a barrel.