Oil prices declined today, Monday, amid fears that the US Federal Reserve may raise interest rates, which could slow growth and hurt fuel demand.

Brent crude futures for July delivery were down 63 cents, or 0.8%, at $79.70 a barrel at 04:13 GMT, while US West Texas Intermediate crude lost 67 cents, also down 0.8%, to trade at $76.11.

The Fed is expected to raise interest rates by another 25 basis points this week.

The US central bank has raised interest rates by 475 basis points since March, which will slow growth and hurt fuel demand in the world’s largest oil consumer.

Meanwhile, China’s manufacturing purchasing index fell, falling below the 50-point mark that separates expansion from contraction in activity on a monthly basis. /End

Source: National Iraqi News Agency