Possible ceasefire and inflation data send crude oil prices down by more than $1 a barrel

Crude oil prices took a more than $1 a barrel plunge during Monday’s trading as Israel ceasefire talks grew in Cairo and at the same time, U.S. inflation data deflated hopes for any imminent interest rate cuts.

West Texas Intermediate crude, the U.S. benchmark, dropped $1.22 or 1.5% per barrel on the New York Mercantile Exchange.

The global benchmark, Brent crude, dropped $1.10 or 1.2% for June futures, and settled at $88.40 a barrel on ICE Futures Europe. Brent’s more active July contract lost $1.01 a barrel to close at $87.20.

June natural gas rose 11 cents to $2.03 per 1,000 cubic feet.

Another mixed day of trading for Oklahoma energy stocks. While Mammoth Energy Services dropped more than 2%, NGL Energy Partners gained about 3%.