China’s move to ease its COVID-19 lockdown of Shanghai sent crude oil prices increasing by more than 6% in Tuesday’s trading. Both U.S. and global benchmark crude posted their highest finish in a week.
West Texas Intermediate crude for May delivery rose $6.31 or 6.85% and settled at $100.60 a barrel in trading on the New York Mercantile Exchange. WTI had dropped 4% on Monday and the front-prices had not been above $100 since April 5.
Global benchmark Brent crude rose 6.3% or $6.16 a barrel to finish at $104.64 on ICE Futures Europe, the highest finish in a week.
Natural gas for May delivery went up 0.6% to finish the day at $6.68 per million British thermal units.
It was a solid day for most Oklahoma energy stocks with Mammoth Energy scoring the biggest gain at more than 12% for the day.
