Oil prices fell today, amid concerns about the economic impact of a potential interest rate hike by the US Federal Reserve and weak Chinese manufacturing data.
Brent crude futures for July delivery fell 56 cents, or 0.7%, to $79.77 a barrel, and US West Texas Intermediate crude fell 63 cents, or 0.8%, to $76.15.
The Federal Reserve is expected to raise interest rates by 25 basis points again this week.. The US Central Bank raised the interest rate by 475 basis points in total since March last year, from a level close to zero to the current range of 4.75% to 5%.
