SINGAPORE, June 19 Reuters Global oil prices fell more than 1 on Monday, backing off last week39;s gains, as questions over China39;s economy outweighed OPEC output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.

Brent crude was down 78 cents, or 1, to trade at 75.83 a barrel by 0655 GMT, after falling as much as 1.27 to 75.34.

U.S. West Texas Intermediate WTI crude was down 76 cents, or 1.1, to 71.02, after declining 1.15 to 70.63.

Last week, Brent posted a gain of 2.4 and WTI rose 2.3.

China39;s economic uncertainties may have caused the selloff after a twoday rebound in oil markets ahead of The People39;s Bank of China39;s PBOC decision on its loan prime rates LPR this week, said Tina Teng, an analyst at CMC Markets.

A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the postCOVID recovery in the world39;s secondlargest economy was faltering.

China is widely expected to cut its benchmark loan prime interest rates on Tuesday, following a similar reduction in mediumterm policy loans last week to shore up a shaky economic recovery.

Sources have told Reuters that China will roll out more stimulus support for its slowing economy this year, but concerns over debt and capital flight will keep the measures targeted at shoring up weak demand in the consumer and private sectors.

Still, China39;s refinery throughput rose in May to its…