Oil prices cut gains to trade below $75 a barrel today as Chinese commodity futures plunged in a widespread sell-off.

For October delivery US crude gained 10¢ to stand at $74.77 a barrel at 06.09 GMT, while London Brent crude rose 9¢ to $78.26, reports Reuters.

Data from the American Petroleum Institute revealed US crude stocks tumbled by 7.3 million barrels last week, while petrol stocks rose by 654,000 barrels and distillates climbed 1.3 million barrels.