Oil prices fell to $78 a barrel today on tighter credit policy in China and expectations that US refiners have processed less crude.

For February delivery, US crude fell 65¢ to $78.37 a barrel and was trading down 63¢ on the last day of the front-month NYMEX contract, reports Reuters.

For March delivery, London Brent crude declined by 59¢ to $77.04 a barrel, while US crude fell by 60¢ to $78.72 a barrel.