Crude oil futures ended lower on Tuesday, October 27, with both major benchmarks posting declines, according to Xinhua.
December-delivery light sweet crude on the New York Mercantile Exchange shed $1.86 to settle at $99.90 a barrel, a drop of 1.83%. In London, December Brent crude fell $1.93 to close at $113.88 a barrel, down 1.67%.
The two benchmarks moved in the same direction but remain far apart in absolute terms, with Brent settling more than $13 above the New York contract.
The session's pullback came against a backdrop of heightened geopolitical attention in the oil market. Other outlets in the same news roundup pointed to a risk premium that had pushed Brent back to highs last seen in March, and to comments from U.S. President Donald Trump that talks on Russia and Ukraine would take place soon. Xinhua's report did not attribute a cause to Tuesday's decline.
Traders will be watching whether the geopolitical risk premium continues to unwind or rebuilds in the sessions ahead.
