Oil prices fall below $76 on poor US data

Oil prices fell below $76 a barrel on Monday, extending the previous session's decline, on concern about the US economic outlook after data showed consumer sentiment fell to a near one-year low.

News that the International Monetary Fund and European Union has suspended a review of Hungary's funding programme at the weekend has also ignited fresh euro zone jitters, as the country will not have access to remaining funds in its $25.1 billion (Dh92.2bn) loan package set up in 2008 until the review is concluded.

However, analysts said marginal slide in oil prices shows that crude was receiving ample support at above $74 a barrel, thanks to bullish inventory reports that showed large drawdowns in US crude stocks over the past three weeks.

US crude for August delivery fell 22 cents to $75.75 a barrel by 0126 GMT. The contract settled down 61 cents at $76.01 a barrel on Friday, closing the week 8 cents lower than the previous week.

London Brent crude retreated five cents to $75.23.

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