Oil prices fluctuate amid global economic concerns.

1 min read
Source: Reuters
Oil prices fluctuate amid global economic concerns.
Photo: Reuters
TL;DR Summary

Oil prices fell due to concerns over the US Federal Reserve raising interest rates, which could slow growth and hit fuel demand, and weaker Chinese manufacturing data. Brent futures for July delivery were down 0.8% at $79.72 a barrel, while US West Texas Intermediate crude lost 0.8% to trade at $76.15. The Fed is expected to increase interest rates by another 25 basis points this week. China's manufacturing purchasing managers' index declined to 49.2 from 51.9 in March, slipping below the 50-point mark that separates expansion and contraction in activity on a monthly basis.

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