Buoyed by hopes of rising fuel demand this summer, crude oil prices gained nearly 3% in Monday’s trading and Oklahoma energy stocks did the same.
There are also growing expectations that the U.S. Federal Reserve will leave interest rates higher for a longer time.
West Texas Intermediate crude went up $2.21 or 2.9% to settle at $77.74 a barrel on the New York Mercantile Exchange, its highest level since the end of May.
Brent crude also rose, climbing $2.01 or 2.5% per barrel to close at $81.63 on ICE Futures Europe. It was the highest close since May 30.
July natural gas fell 1 cent to $2.91 per 1,000 cubic feet.
Oklahoma energy stocks recorded mostly gains in Monday’s trading including a 3% jump for Helmerich & Payne.
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