NEW YORK, Jan. 8 (Xinhua) -- Oil prices fell on Monday.

       The West Texas Intermediate for February delivery decreased by 3.04 U.S. dollars, or 4.12 percent, to settle at 70.77 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped 2.64 dollars, or 3.35 percent, to settle at 76.12 dollars a barrel on the London ICE Futures Exchange.