The cost of February futures for Brent crude oil on London’s ICE exchange fell by almost 2% to $77.77 per barrel, according to trading data at the site at 12:57 Moscow time. Oil of this brand is trading below $78 for the first time in more than 11 months – since January 3.

Quotes of the January contract for WTI lost 1.99%, reaching $72.77 per barrel.

Oil prices are rising amid strong macroeconomic data in the United States. They reinforced fears of further sustained rate hikes in the country.

The rise in prices is also supported by warnings from major U.S. banks about the onset of recession next year, which provide support for the U.S. dollar, writes Reuters. A stronger dollar makes oil more expensive for holders of other currencies and tends to reduce appetite for risky assets.