NEW YORK, USA (AP) — Oil prices came off their lows Friday on easing concerns over Greece’s debt crisis and a report showing US manufacturing activity recovered somewhat in June from a sharp slowdown in May.

Benchmark West Texas Intermediate for August delivery lost 25 cents to US$95.17 per barrel in afternoon trading on the New York Mercantile Exchange. It traded as low as US$93.46 earlier in the day.

In London, Brent crude fell US$1.22 to US$111.32 per barrel on the ICE Futures Exchange.

Oil fell after China reported that its manufacturing industry cooled off in June, slipping to its slowest pace in 28 months. Activity slowed down as credit tightened due to inflation-fighting measures and weaker oversea demand. The country is still expected to drive world oil demand for years to come, but slower manufacturing growth means demand for fuels may not grow as quickly.

Trading could be volatile ahead of a long weekend in the US, where markets will be closed on Monday for Independence Day holiday, analysts said.

After ending last year around US$91 a barrel, oil peaked at nearly US$114 in late April. Crude has given up about 16 per cent since the beginning of May.

Worried about oil’s impact on the global recovery, the 28-nation International Energy Agency, which includes the US, has pledged to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike.

In other Nymex trading for August contracts, heating oil dropped 2.2 cents to US$2.9295 per gallon and gasoline futures gave up 1.35 cents to US$2.9557 per gallon. Natural gas fell 3.5 cents to US$4.358 per 1,000 cubic feet.