Oil prices declined due to concerns about China's fuel demand growth and increased crude supply from Russia while investors wait for the Federal Reserve meeting. Brent crude futures fell by 0.4% to $74.50 per barrel while West Texas Intermediate crude was at $69.93 per barrel, down by 0.3%. The disappointing economic data from China raised concerns about demand growth from the largest crude importer, offsetting a boost in prices from Saudi Arabia cutting an additional 1 million barrels per day from production in July.