NEW YORK, July 2 (Xinhua) -- Oil prices plunged on Tuesday as weak manufacturing data prompted investors' concerns over weak crude oil demand.
The seasonally adjusted IHS Markit final U.S. Manufacturing Purchasing Managers' Index posted 50.6 in June, broadly in line with 50.5 in May, to signal only a marginal improvement in the health of the U.S. manufacturing sector.
June data signaled a further near-stagnation of operating conditions across the U.S. manufacturing sector, the IHS Markit said in a report.
Investors were worried that less robust manufacturing activity would lead to weaker crude oil demand and further increase the possibility of oversupply.
The West Texas Intermediate for August delivery decreased 2.84 U.S. dollars to settle at 56.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 2.66 dollars to close at 62.40 dollars a barrel on the London ICE Futures Exchange. Enditem
