Crude Price Update

[philippines]

Crude prices plunged Tuesday on demand concerns after downbeat data released from both China and the United States.

The Conference Board said in its report on Tuesday that U.S. consumer confidence fell steeply in June.

The economic research group also corrected its leading economic index for China to a 0.3 percent gain in April rather than the 1.7 percent rise earlier reported.

On Tuesday the U.S. dollar rose against the euro, adding pressure to the commodities complex.

Light, sweet crude for August delivery was down 2.31 U.S. dollars to 75.94 dollars on the New York Mercantile Exchange. -PNA