NEW YORK (Reuters) - US oil prices were well off the coast of the Friday early highs after data showed home sales in the United States plunged in April, adding to the last harvest of low economic signals and wiping away most of the gains early in the day by a weakening of the dollar.
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 life of the housing market.
"The weak home sales data means the U.S. economy is spray rather than improving nicely," said Gene McGillian, analyst at the energy of the Tradition, in Stamford
"U.S. crude has touched more than $100, but is difficult to ignore up due to the economic uncertainty", he added.
By 11: 50 am EDT (1550 GMT), U.S. crude for July delivery was up 26 cents at $100.49 per barrel, after having hit a Summit at the beginning of $101.24.
In London, ICE July Brent dipped 23 cents to $114.82.
Adding pressure to crude future, OPEC's oil production has been should have increased this month because of the extra oil from Saudi Arabia, Nigeria and Iraq, according to Reuters.
Supply of all 12 members of the Organization of the countries exporting oil should mean 28.90 million barrels per day of the month, up to a million bpd 28.79 revised in April, the survey of the oil companies, OPEC officials and analysts found.
In early trade, the euro has rallied the dollar after George Provopoulos, Member of the Board of Directors of the European Central Bank said that Greece will be able to repay its debt in full without restructuring if it sticks to an austerity plan.
(Other reports by Alex Lawler and Zaida Espana in London.) (Editing by Marguerita Choy)
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