US oil prices were well off early highs this afternoon after data showed US home sales plunged in April, adding to the latest crop of weak economic signals, and wiping away most of the day's early gains sparked by a weaker dollar.
Industry data showed pending sales of existing US homes fell more than expected in April to hit a seven-month low, dashing hopes for a recovery in the vital housing market.
By 4.50pm, US crude for July delivery was up 26 cents at $100.49 a barrel, after hitting an early high of $101.24.
In London, ICE July Brent dipped 23 cents to $114.82.
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, according to a Reuters survey.
Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 28.90m barrels per day this month, up from a revised 28.79m bpd in April, the survey of oil companies, OPEC officials and analysts found.
