Brent crude for November delivery fell by almost 4% and began trading below $100 a barrel. The report points to the possibility that this could be the fourth consecutive session of losses.
The decline came despite tensions in the Middle East, a region of importance to the oil market. Price movements show that investors continue to respond to several factors at the same time.
The sequence of declines marks a shift from previous sessions, but does not remove uncertainty about the future direction of crude prices. Prices may remain sensitive to geopolitical news and international market conditions.