Crude prices fall on economic data, weak euro

Crude prices fell on Tuesday as investors were worried about the outlook of global economic recovery while the euro declined against the U.S. dollar put pressure on energy prices.

Expansion of manufacturing activity in the euro zone also slowed sharply in May from the previous month, a survey showed.

Meanwhile, China's factories scaled back production last month and slowed the pace of hiring, the purchasing managers' index showed.

The euro fell to a four-year low against the dollar on signs the euro zone's debt crisis is spreading to its banking system.

Light, sweet crude for July delivery fell 1.39 dollars to settle at 72.58 dollars a barrel on the New York Mercantile Exchange. In London, ICE Brent crude for July fell 1.94 dollars to settle at 72.71 dollars a barrel.

Source:Xinhua