Crude prices retreated Thursday on weak manufacturing data, Xinhua reported.
The Federal Reserve Bank of New York said the region's manufacturing activity was expanding in July but at a much slower pace than in June or May. The Empire State's business conditions index fell to 5.08 this month from 19.57 in June.
On Wednesday, the Federal Reserve lowered its 2010 gross domestic product forecast by 0.2 percentage points to a range of 3. 0 percent to 3.5 percent, suggesting Europe's debt and fiscal crisis could undermine expansion of the U.S. economy.
Light, sweet crude for August delivery fell 42 cents to settle at 76.62 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude fell 58 cents to settle at 76.19 dollars a barrel on the ICE futures exchange.
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