Heilongjiang, Jan. 23 (BNA): Oil prices fell in early trading today, Monday, affected by the Lunar New Year holiday in East Asia, but they maintained most of last week’s gains on prospects for an economic recovery in the largest oil importer. China this year.
Brent crude fell 11 cents, or 0.1 percent, to $87.52 at 0731 GMT, while US West Texas Intermediate crude fell 8 cents, or 0.1 percent, to $81.56 a barrel, Reuters reported.
Last week, Brent crude rose by 2.8%, while the US index recorded a gain of 1.8%.
Analysts said that optimism about China’s reopening is likely to push oil prices higher.
ZHB