NEW YORK (TheStreet) -- Oil prices dipped down below $47 per barrel on Monday as a number of factors weighed, including doubts about member countries following through on the planned OPEC production cap deal. This was the worst day of October for oil prices as they retreated by 3.8% to $46.86.
CNBC's Courtney Reagan joined Monday afternoon's "Closing Bell" to give more insight into the drop in the commodity's prices.
OPEC has a planned oil freeze deal that will be decided on at its next formal meeting on November 30. The deal should help with the global oil glut that has been weighing on oil prices, but investors are weary about whether it will actually happen, Reagan said.
"It may still happen. They are still talking and the meeting is scheduled for the end of November. But there's doubt there, and that's a big reason why we saw the crude oil price take this step down," she explained.
In addition, the strong dollar is pulling oil prices down, Reagan said. A stronger greenback hurts oil prices because it makes the commodity more expensive to foreign investors.
Lastly, a "pretty weak" equity market has not helped oil prices in October, she said. "So none of that has been very supportive. There's a lot of factors at play and not a lot of support."