Oil prices dropped yet another day in trading on Thursday, falling by more than $1 a barrel after a poor weekly reading on US fuel demand and on expectations of more crude hitting the market.
West Texas Intermediate crude for August delivery was down $1.48 or 2.2% and settled at $71.65.
Global benchmark Brent crude dropped $1.29 or 1.7% and finished the day at $73.47 on ICE Futures Europe.
The losses came after Wednesday’s slide following reports that Saudi Arabia and the United Arab Emirates had finally reached an agreement to pave the way for supplying more crude oil to the market. The deal is pending.
Oklahoma energy stocks endured losses for the day with Laredo Petroleum Inc leading the way on a 6.06% loss when shares dropped $4.14 to settle at $64.19.
Here’s the list of others and how much they suffered:
Cabot Oil & Gas (COG) down 0.33 at 16.48 – change 1.97%
Chevron (CVX) down 0.67 at 101.30 – change 0.66%
ConocoPhillips (COP) down 0.59 at 57.08 – change 1.03%
Diamondback Energy (FANG) down 2.84 at 81.73 – change 3.36%
Energy Transfer LP (ET) down 0.29 at 9.78 – change 2.88%
Enterprise Products Partners (EPD) down 0.24 at 23.94 – change 1.00%
EOG Resources (EOG) down 2.06 at 76.19 – change 2.63%
ExxonMobil (XOM) down 0.58 at 58.95 – change 0.98%
Kinder Morgan (KMI) down 0.08 at 17.86 – change 0.40%
Marathon Oil Corp. (MRO) down 0.29 at 12.24 – change 2.24%
National Oilwell Varco (NOV) down 0.53 at 13.86 – change 3.49%
Occidental Petroleum (OXY) down 0.60 at 27.23 – change 2.16%
Phillips 66 (PSX) down 1.37 at 77.17 – change 1.75%
Pioneer Natural Resources (PXD) down 4.57 at 147.29 – change 3.01%
Valero (VLO) down 0.87 at 66.80 – change 1.29%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 1.00 at 87.18 – change 1.16%
CenterPoint (CNP) up 0.55 at 25.32 – change 2.22%
Entergy (ETR) up 1.09 at 103.62 – change 1.06%
