Oil prices steady as mixed US economic news offsets new EU sanctions on Russia

Crude oil futures held steady on Friday as mixed U.S. economic news offset worries the European Union’s latest sanctions against Russia for its war in Ukraine could reduce oil supplies.

Brent crude futures

 fell 20 cents, or 0.3%, to $69.32 a barrel by 2:32 p.m. EDT, while U.S. West Texas Intermediate crude

 lost 16 cents, or 0.2%, to $67.38.

That kept both crude benchmarks on track to lose about 1% this week.

In the United States, single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter.

In another report, however, U.S. consumer sentiment improved in July, while inflation expectations continued to decline.

Lower inflation will make it easier for the U.S. Federal Reserve to reduce interest rates, which should boost economic growth by making it cheaper for consumers to borrow money. Stronger economic growth should also boost energy demand.