Oil prices fall 1% on concerns over rising rates, global economic outlook

Brent crude slipped 91 cents, or 1.11 per cent, to $80.75 a barrel by 0627 GMT, while U.S. West Texas Intermediate crude was at $76.96 a barrel, also down 91 cents, or 1.17 percent lower.

Weak U.S. economic data and disappointing corporate earnings from the tech sector sparked growth concerns and risk aversion among investors, CMC Markets analyst Tina Teng said. The stabilising U.S. dollar and climbing bond yields are also adding pressure on commodity markets, she added.

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