Oil prices today fell below $78 a barrel on renewed concerns about energy demand.
For February delivery, US crude declined by 33¢ to $77.74 a barrel at 4:50am GMT, while London Brent crude also dropped by 33¢ to $76.78 a barrel, according to Reuters.
After 11 January, when oil prices reached a 15-month intraday high of $83.95 a barrel, prices have been continuously falling because of apprehensions of a low recovery in demand and disappointing US economic data.
Crude prices are still 47% less than the record high price of $147 a barrel mid last year.
A cold snap across the northern hemisphere has failed to increase oil demand, according to the International Energy Agency.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData