Oil Prices Fall, But Hovers Near 2023 Highs

Singapore, January 16 (QNA) - Oil prices declined in early Asian trading on Monday, but hovered near their highest levels since the start of 2023, amid optimism that China's reopening from COVID-19 restrictions will increase fuel demand in the world's largest crude importer.
Brent fell 36 cents, or 0.4%, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.3%, to $79.65 a barrel, amid weak trading during a public holiday in the US.
Both benchmarks rose more than 8% last week, the biggest weekly gain since October, after China's crude imports rose 4% year-on-year in December. (QNA)