Crude oil ended the week slightly lower amid Russia sanctions and mixed US signals

Crude oil prices closed modestly lower on Friday, as markets weighed the impact of fresh European sanctions on Russian energy and mixed economic signals from the US.

Brent crude futures dipped 24 cents to $69.28 a barrel.

WTI slipped 20 cents to $67.34.

The EU’s latest sanctions package includes a reduced price cap on Russian crude, restrictions on petroleum-derived fuels, and a ban on a major Indian refinery that processes Russian oil. The move raised concerns over fuel supply in Europe, where markets for refined products like diesel remain tight.

In the US, housing starts fell to an 11-month low in June, reflecting subdued activity in the residential sector amid high mortgage rates. However, consumer sentiment improved in July, with easing inflation expectations potentially paving the way for future interest rate cuts—supportive of economic growth and oil demand.

Trade tensions also resurfaced, as reports indicated President Trump is seeking tariffs of 15–20% in any deal with the EU, adding uncertainty to the global trade outlook.

Despite lingering supply risks, crude remained range-bound as markets await clearer signals on demand and policy direction.

-end-