Oil prices fell, amid concerns about the global economic impact of possible interest rate hikes by the Federal Reserve (U.S. Central Bank) and weak Chinese manufacturing data, factors sufficient to cover up the impact of oil price subsidies due to new production cuts for OPEC +, which came into effect this month.
The Federal Reserve, which meets on May 2 and 3, is expected to raise interest rates 25 another basis point.
Brent crude fell 97 cents, or 1.2%, to $79.36 a barrel during trading, and U.S. West Texas Intermediate crude fell $1.44, or 1.9%, to $75.34.
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