Oil prices dropped on Wednesday as traders focused on recession risks, Trend reports citing Xinhua.
The West Texas Intermediate (WTI) for February delivery slipped 70 cents, or 0.87 percent, to settle at 79.48 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost 94 cents, or 1.09 percent, to close at 84.98 dollars a barrel on the London ICE Futures Exchange.
The decline came as weak data from the United States fueled concerns over the economy.
The Commerce Department reported Wednesday that sales at U.S. retailers sank 1.1 percent in December, below consensus expectation for a 0.9 percent decline.
Data from the Federal Reserve also showed that U.S. industrial production declined more than expected in December.
Traders awaited data on U.S. fuel stockpiles as the Energy Information Administration will release its weekly petroleum status report on Thursday, a day later than normal due to Monday's Martin Luther King Jr. Day holiday.