Global crude oil prices dropped on Monday

Because of the Martin Luther King Junior federal holiday, there was no oil trading prices reported in the U.S. However, prices weakened slightly Monday because of the impact of the Middle East conflict.

Global benchmark Brent crude was traded and settled down 14 cents or aabout 0.2% at $78.15 a barrel on ICE Futures Europe.

While there was no settlement to report for West Texas Intermediate crude in the U.S. due to the holiday, the U.S. benchmark was still down 18 cents or about 0.3%^ at $72.50.