Crude prices plunge amid mixed data

Crude prices plunged Thursday as positive manufacturing data from Europe and China were offset by disappointing U.S. housing report.

On the economic front, U.S. sales of new single-family houses in June tumbled 8.1 percent to a seasonally adjusted annual rate of 406,000 from the prior month, far shy of market estimates, the Commerce Department reported Thursday.

The seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index stood at 56.3 in July, down from 57.3 in June, signaling the slowest improvement in overall manufacturing business conditions for three months. Readings above 50 suggest an expansion.

The preliminary Purchasing Managers Index (PMI) of manufacturing activity in China rose to 52.0 in July from 50.7 in June, hitting an 18-month high, HSBC said Thursday.

PMI in eurozone rose to 54.0 in July from 52.8 in June, said research firm Markit.

Crude prices declined as the International Monetary Fund lowered outlook for global growth. The world economy will advance 3.4 percent in 2014, the IMF said Thursday, lower than its 3.7 percent prediction in April.

Light, sweet crude for September delivery moved down 1.05 dollars to settle at 102.07 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 96 cents to close at 107.07 dollars a barrel.