Oil prices weren’t the only finances to take a tumble on Tuesday. Oklahoma energy stocks fell as well, just one day after recording some strong gains in trading.
The crude oil price drop came as news was released indicating inflation is alive and well in the U.S. Consumers prices rose in August and it means the U.S. Federal Reserve will consider another interest rate increase next week.
West Texas Intermediate crude for October delivery slipped 47 cents to close at $87.31 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for November delivery dropped 83 cents to $93.17 a barrel on ICE Futures Europe.
While oil prices fell, October natural gas managed a 3 cent gain to $8.28 per 1,000 cubic feet.
The inflation news resulted in losses for most Oklahoma energy stocks including a more than 5% drop for SandRidge Energy.
The lone standout was LSB Industries, the Oklahoma City chemical and fertilizer manufacturer which saw a more than 6% gain for the day.
