U.S. oil prices prices were well off early highs on Friday after data showed U.S. home sales plunged in April, adding to uncertainty about sputtering economic recovery.
On the New York Mercantile Exchange, U.S. Light Sweet Crude Oil futures for July delivery was up $0.36 to $100.59 a barrel.
Industry data showed pending sales of existing U.S. homes fell more than expected in April to hit a seven-month low, dashing hopes for a recovery in the vital housing market.
In a report, National Association of Realtors said that pending home sales fell a seasonally adjusted 11.6 percent, after rising 5.1 percent in the preceding month.
Analysts had expected pending home sales to fall 1.0 percent last month.
Adding pressure to crude futures, OPEC oil output was expected to have increased this month due to extra oil from Saudi Arabia, Nigeria and Iraq.
Crude prices are expected to stay above $100.00 ahead of the Memorial Day extended weekend, which also marks the start of the U.S. summer driving season. Gasoline demand in the world's biggest oil consumer is expected to pick up as many Americans take to the road for their holidays.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.