By Sarah Kent Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Brent crude futures fell more than $2.00 a barrel Thursday, retracing most of the gains made Wednesday, as the global economic outlook and a stronger dollar weighed on prices. At 0859 GMT, the front-month August Brent contract on London's ICE futures exchange was down $2.34, or 2%, at $111.87 a barrel. The front-month August contract on the New York Mercantile Exchange was trading down $1.64, or 1.7%, at $93.77 a barrel. A stronger dollar helped push prices down as ongoing concerns over the debt crisis in Greece pressured the euro. Oil prices typically fall when the greenback strengthens as the dollar-denominated commodity becomes more expensive. Comments from U.S. Federal Reserve Chairman Ben Bernanke Wednesday in which he downgraded his view of the economy's performance also added to the market's negative outlook. Elsewhere, the preliminary HSBC Chinese Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to an 11-month low of 50.1 in June from a final reading of 51.6 in May, sparking fears that Chinese demand for crude could ease. "Everything is pointing to weaker terms right now," said Robert Montefusco, senior commodity broker at Sucden Financial. The ICE's gasoil contract for July delivery was down $10.50, or 1.1%, at $916.00 a metric ton, while Nymex gasoline for July delivery was 499 points, or 1.7%, lower at $2.9234 a gallon. -By Sarah Kent, Dow Jones Newswires; 4420-7842-9376; sarah.kent@dowjones.com

Source