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Oil futures decline after last week's historic rallyc

© Reuters. Crude oil futures drop after last week's rally - Crude oil futures declined on Monday, as traders cashed out of the market after prices scored their biggest two-day percentage gain since 2009 last week.

On the ICE Futures Exchange in London, Brent oil for October delivery slumped $1.07, or 2.15%, to trade at $48.98 a barrel during European morning hours.

Brent futures rallied to $50.98 on Friday, the strongest level since August 11, before closing at $50.05, up $2.49, or 5.24% for the day. On Thursday, Brent rallied $4.42, or 10.25%, to end at $47.56, bouncing off six-year lows of $42.23 hit earlier in the week.

London-traded Brent futures jumped $4.70, or 10.1%, last week, the first weekly gain in nine weeks, as traders returned to the market to close out bets on lower prices, a move known as short-covering.

Elsewhere, crude oil for delivery in October on the New York Mercantile Exchange declined 75 cents, or 1.67%, to trade at $44.47 a barrel.

On Friday, Nymex oil prices jumped to $45.90, the most since August 11, before ending...