Oil prices drop again in US


US crude oil futures dropped again in Wednesday’s trading, slipping 1.5% or 61 cents to settle at $38.99 a barrel on the New York Mercantile Exchange.

But overseas, Brent crude was up 55 cents or 1.3% and finished the day at $41.73 on the ICE futures.

Natural gas added one cent at the NYMEX and ended the day at $1.79 per MMBtu.

Chesapeake Energy, said to be on the verge of filing bankruptcy fell more than 29% or $6.94 a share before finishing the day at $16.80 a share.

SandRidge Energy dropped 36 cents or 17% and settled at $1.77 a share. Devon Energy slipped 88 cents or 6% and ended the day at $13.67.

ConocoPhillips plunged 5.6% or $2.72 a share and finished at $45.91 while EOG Resources fell $3.84 a share or 6.4% before ending the day’s trading session at $55.63.

Marathon oil dropped 7% or 56 cents and finished at $7.11 a share while ONEOK saw its shares decline $2.46 or 5.5% ending the day at $41.98.

Phillips 66 dropped $1.34 or 1.5% and settled at $84.33 a share.

American Electric Power fell 54 cents before finishing Wednesday’s trading at $85.37 a share.