Oil prices fell more than one and a half per cent today on persistent concern over Chinese demand and elevated risks of a broader slowdown.

In the global crude market, Brent crude was trading 1.57 per cent down to trade at 78 dollars and 30 cents per barrel. The U.S. West Texas Intermediate (WTI) was trading 1.79 per cent down at 74 dollars and 18 cents per barrel when reports last came in.