As crude oil fell 3% Monday, Oklahoma energy stocks fell even more

Crude oil prices had a negative reaction of more than 3% Monday to news that Saudi Arabia,the world’s top crude exporter will give up its $100 price target as it prepares in December to raise output.

The reaction also sent Oklahoma energy stocks tumbling with some falling 5% and 6% for the day.

The Financial Times reported the decision by Saudi Arabia comes as it joins OPEC members and allies to increase production in December.

West Texas Intermediate, the U.S. benchmark, dropped $2.02 or 2.90% per barrel to close at $67.67 on the New York Mercantile Exchange.

Global benchmark Brent crude fell $1.86 or 2.53% and finished at $71.60 a barrel on ICE Futures Europe.

Monday wasn’t the best trading day for most Oklahoma energy stocks.  One exception was Chesapeake Energy which jumped nearly 3% on the day it announced expected government approval of its acquisition of Southwestern Energy. 

But others had a rough day including Devon Energy with a 5% loss. Helmerich & Payne had the same drop. ONEOK dropped 6%. So did Vital Energy.