Oil prices fell for a second day to below $77 today following news of an economic growth slowdown in China and renewed concerns about the global economic recovery expressed by the US Federal Reserve.

US crude fell by 54¢ to stand at $76.50 a barrel while London Brent crude fell by 34¢ to $76.43, according to Reuters.

Chinese annual gross domestic product growth reached 10.3% in the second quarter compared with 11.9% in the first quarter of the year.