Oil: WTI Falls Despite EU Oil Sanctions, Posts Weekly Loss.

WTI crude oil futures dipped 0.3% to settle at $67.3 per barrel on Friday, booking a 1% weekly loss, as mixed US economic data offset concerns about new EU sanctions on Russian energy exports. Weak US housing data pointed to softer residential investment, but improved consumer sentiment and easing inflation raised hopes for future rate cuts and stronger energy demand. Meanwhile, the EU approved its 18th sanctions package targeting Russia’s oil industry, including a new floating price cap and a ban on petroleum products made from Russian crude. The refined product ban boosted US and European diesel futures, lifting refining margins to multi-month highs. Separately, Chevron finalized its $55 billion acquisition of Hess, securing a stake in a major oil discovery off the coast of Guyana.