Oil Prices Drop on Economic Concerns and Interest Rate Expectations

Oil prices have fallen due to investors worried about the economy and anticipating interest rate hikes.
The Federal Reserve is expected to raise interest rates which often slows economic growth.
China's manufacturing sector declined in April worrying investors about global economic health.
The U.S. has seen a growth in oil inventories signaling weak demand.
Money managers have been selling oil futures contracts in anticipation of a persistent oversupply of oil.