Oil prices traded below $76 a barrel today on increasing concern that emerging economies would fail to compensate for potential consumption declines triggered by Europe’s debt crisis.

For June delivery, US crude declined 76 cents at $75.61 at 06.58GMT, while London Brent slipped 31 cents to $80.18, according to Reuters.

Oil prices have remained volatile for a couple of days following the announcement by the European Union of a rescue package for Greece and other debt-stricken countries totalling almost $1tn.

The US Energy Information Administration raised its 2010 world oil demand growth forecast while OPEC has also raised its own estimate for a third consecutive month.

Data from the American Petroleum Institute showed crude stocks rose by 362,000 barrels in the week to 7 May, while gasoline stocks fell by 906,000 barrels and distillates edged up 94,000 barrels.