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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.