Oil prices dropped on Monday as concerns over the possible economic effects of the US Fed rising interest rates and poor Chinese production statistics

While the United States WTI crude oil prices fell 63 cents, or 0.8 percent, to trade at 76.16 dollar, Brent futures for July delivery were decrease 56 cents.

Since March of the previous year, the United States central bank has increased its policy rate by 475 bps from a level close to zero to the recent range of 4.75%-5.00%.

The manufacturing sector in China’s PMI fell below the 50-point threshold that distinguishes expansion from contraction in activity on a monthly basis,

Japan, the third-largest economy in the world, had a fall in factory activity for the 6th consecutive month in April.

“Despite conflicting economic indications, investors continue to be cautious. A barrage of economic data has increased uncertainty about the prospects.