Crude oil futures fell on Thursday amid concern over U.S. economy.

Light, sweet crude for September delivery fell 93 cents at 74. 95 dollars a barrel on the New York Mercantile Exchange, after hitting as high as 77.24 dollars.

Brent crude for September delivery fell 1.14 dollars at 75.18 dollars a barrel on the ICE Futures exchange in London.

Traders got worried over the U.S. economy, given the cooling housing market. New home sales in the United States fell by 6.6 percent in June, the largest amount in five months and more than triple what had been expected, the Commerce Department reported Thursday.