Crude oil prices take a dip on MLK Holiday

Oil trading: Investors consider WTI tumble as recession fears mount


The stock market was closed on Monday because of the Martin Luther King Holiday but trading continued for crude oil.

Crude prices fell as easing COVID restrictions in China resulted in higher hopes of an oil demand recovery around the globe.

Global benchmark Brent crude for March delivery dropped $1.08 a barrel or 1.3% to close at $84.20 on ICE Futures Europe.

U.S. West Texas Intermediate crude for February delivery finished down $1.01 or 1.3% at $78.85 in what was described as thin trade on the U.S. public holiday.

The slight drop came after both contracts rose more than 8% last week, making it their biggest weekly gain since October.