Crude oil prices declined on Monday, Oct. 26, with both major benchmarks closing lower, according to Xinhua.
December-delivery light sweet crude on the New York Mercantile Exchange fell $1.51 to settle at $101.76 a barrel, a drop of 1.46 percent. In London, December Brent crude lost 91 cents to close at $115.81 a barrel, down 0.78 percent.
The two benchmarks moved in the same direction but by different magnitudes, with the U.S. contract posting the steeper percentage decline.
The session followed a stretch of elevated prices. Other outlets carried in the same news feed described crude touching $117 earlier, a level last seen in April, and reported that Brent had pushed past $110 before pulling back. Those reports also pointed to geopolitical tensions and the pace of central bank rate cuts as factors weighing on energy markets. Xinhua's own report covered only the closing figures.
Traders will be watching whether the pullback holds through the rest of the week or proves temporary, and whether supply and geopolitical developments shift the direction of either contract.
