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.