NEW YORK, Jan. 25 (UPI) -- Crude oil prices retreated after surging more than 9 percent during the previous session as markets reacted to the latest supply-side concerns from OPEC.
Oil prices staged a rally last week, pulling above $30 per barrel after sinking to around $27 per barrel earlier in the week. January's drop in crude oil prices was triggered in large part by growing concerns about the pace of global economic recovery, with Chinese pessimism casting the largest shadow over growth.