Oil down on recession fears, Brent slips below $85

Oil rigs

Oil prices closed lower today, Jan. 18, amid renewed concerns about a recession in the US and despite optimism about demand for crude.

Oil prices turned bearish today, with the US stock markets falling and the dollar gaining. Recent data showed a larger-than-expected decline in industrial production in the US, along with a fall in retail sales.

Amin Nasser, President of Saudi Aramco, told Bloomberg that the company is confident of an increase in oil demand this year, with the reopening of China's economy and the recovery in the aviation sector.

Meanwhile, the International Energy Agency said that it expects the demand for oil to rise to a new record level this year, with China reopening its economy.

Brent crude futures for March delivery fell by 1.1%, or 94 cents, to settle at $84.98 a barrel. WTI crude for February delivery fell 0.9%, or 70 cents, to $79.48 a barrel.