OIL PRICES REBOUNDED TODAY, BUT WERE UNABLE TO COMPENSATE FOR THE DECLINE BY MORE THAN 9% IN THE PREVIOUS THREE DAYS, AMID INDICATIONS OF WEAK MANUFACTURING GROWTH IN CHINA AND AFTER THE UNITED STATES, THE WORLD'S LARGEST OIL USER, RAISED INTEREST RATES.

BRENT CRUDE FUTURES ROSE 41 CENTS, OR 0.57 %, TO $72.74 A BARREL BY 04:39 GMT.

US WEST TEXAS INTERMEDIATE CRUDE ROSE 24 CENTS TO $68.84 A BARREL.

PRICES FELL THIS WEEK AMID SIGNS OF WEAK MANUFACTURING GROWTH IN CHINA, THE WORLD'S LARGEST OIL IMPORTER, AND AFTER THE UNITED STATES, THE WORLD'S LARGEST OIL USER, RAISED INTEREST RATES TO THEIR HIGHEST LEVELS SINCE 2007 ON WEDNESDAY, THREATENING FUTURE ECONOMIC GROWTH THERE.

THE ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES (OPEC) AND ITS ALLIES, INCLUDING RUSSIA, IN A GROUP KNOWN AS OPEC+, INITIATED VOLUNTARY PRODUCTION CUTS OF ABOUT 1.16 MILLION BARRELS PER DAY AT THE BEGINNING OF THIS MONTH, AND IS EXPECTED TO SUPPORT THIS MARKET GOING INTO THE SUMMER PEAK DEMAND PERIOD.

INVESTORS ARE ALSO AWAITING DEVELOPMENTS FROM THE EUROPEAN CENTRAL BANK, WHICH IS SET TO RAISE INTEREST RATES FOR THE SEVENTH CONSECUTIVE MEETING ON THURSDAY.

SOURCE: NATIONAL IRAQI NEWS AGENCY