Crude weakens on mixed US economic data

MIXED economic data from US has injected more volatility into the market. American new home sales beat expectations and rose to 497,000 in June.

Unemployment claims also gained to 343,000 in the week ended July 20. China unveiled new stimulus measures including government spending cuts, economic reforms, smaller taxes for small businesses and new infrastructure projects. Purchasing Managers’ Index (PMI) manufacturing in June was down to 47.7 for fourth straight month and had little effect in market.