Oil falls for first time in 8 sessions

Oil rigs

Oil prices fell today, Jan. 16, after recording the largest weekly gain since October, amid optimism about demand from China.

International benchmark Brent crude fell 0.89% to $84.52 a barrel, at 9:03 am Makkah time, after rising more than 8% last week.

West Texas Intermediate (WTI) crude lost 0.8% to reach $79.22 a barrel, as trading volumes dipped due to a holiday in the US.

This week, investors will be tracking the market views by the OPEC and the International Energy Agency, which may highlight risks to consumption from slowing growth in the United States and Europe.