Crude oil prices rose about 2% in Tuesday’s trading but Oklahoma energy stocks failed to make the upward ride with a majority recording losses for the day.
What prompted the increase in crude oil? Optimism of a strong economic rebound in China.
West Texas Intermediate crude gained $1.37 or 1.8% to finish at $77.05 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for April futures, which expired Tuesday, increased $1.44 or 1.8% and finished at $83.89 a barrel on ICE Futures Europe.
Looking at how oil did in February, WTI dropped nearly 2.5% while Brent slipped 0.7%.
April natural gas rose 2 cents to $2.75 per 1,000 cubic feet in Tuesday’s trading.
The majority of Oklahoma energy stocks recorded losses in Tuesday’s trading with Ovintiv dropping 7%. The big gainer for the day was NGL Energy Partners with a gain of more than 11%.