Oil hovers near $20 a barrel hitting an 18-year low


A day after slipping closer to the $20 a barrel mark, oil prices gained slightly but still are devastating to the industry in Oklahoma, Texas and other states. Internationally, oil prices reached their lowest level since November 2002.

West Texas Intermediate crude gained 39 cents in Tuesday’s trading before closing at $20.48 a barrel, an 18-year low.

Brent crude in London dropped two cents, finishing the day at $22.74.

Oil prices have fallen by more than half during the past month as companies cut back or close production.

Natural gas finished a nickel lower in trading on the New York Mercantile Exchange and settled at $1.64 per million BTU.

Big gainers for the day include ONEOK which gained $1.77 and finished the day at $21.81 and Conoco Phillips, up $1.51 to hit $30.80 per share.

Chesapeake Energy was up less than a cent and finished at 17 cents. Devon Energy added 56 cents to end the day at $6.91. Phillips 66 finished five cents lower at $53.65 while SandRidge Energy dropped 7 cents to end the day at 90 cents.

American Electric Power plunged $3.73 to end Tuesday’s trading at $79.98 per share.