With more producers turning their wells back on and the Cushing tank farm supplies dropping more than 2 million barrels last week, oil futures were up Tuesday both in the US and overseas.
West Texas Intermediate July futures rose $1.37 or nearly 4% to settle at $36.81 a barrel in trading on the New York Mercantile Exchange.
Brent futures rose $1.25 or 3.2% in trading on the ICE futures and finished the day at $39.57 a barrel.
Prices might have been buoyed by indications that Russia and several other OPEC + nations are in support of continuing with their current outputs of crude production.
Investors might have also liked the news they heard from the industry-funded American Petroleum Institute that the crude supplies in Cushing dropped 2.2 million barrels last week, the fourth straight weekly decline.
Optimism abounded as investors apparently liked what they saw in Oklahoma related energy companies, sending Phillips 66 shares up $2.74 or 3.4% before ending the day at $81.56 a share. ONEOK was up 4% or $1.49 a share and finished Tuesday’s trading at $39.63.
EOG Resources saw its shares go up $3 or nearly 6% before settling at $54.81. ConocoPhillips shares rose 81 cents or nearly 2% to settle at $44.20.
Chesapeake Energy dropped 18 cents to reach $12.83 while Devon Energy shares rose 46 cents or about 4% and ended the day at $12.16.
SandRidge Energy settled at $1.53, only one cent higher.
Natural gas prices rose only a penny and ended the day at $1.78 per MMBtu.