Baghdad, Oil prices fell in early Asian trading, today, Monday, but stabilized near their highest levels since the beginning of the year, amid optimism that the reopening of the Chinese borders will raise the demand for fuel in the largest importer of crude in the world.

Brent crude fell 42 cents, or 0.49%, to $84.86 a barrel, while US West Texas Intermediate crude recorded $79.51 a barrel, down 35 cents, or 0.44%, amid weak trading during an official holiday in the United States.

Both Brent and US West Texas Intermediate rose more than 8% last week, the largest weekly gain since October, after China’s crude imports rose 4% year-on-year in December.

Source: National Iraqi News Agency