Crude oil prices managed a 1% gain in Thursday’s trading, a day after the large cut in U.S. interest rates and news of declining global stockpiles. Plus, it turned into a day of strong gains for Oklahoma energy stocks.
As Reuters explained, prices are recovering after Brent crude, the global benchmark, fell below $69 a barrent for the first time in about three years on Sept. 10. Since then, Brent and WTI,, the U.S. benchmark, have made gains in five of the seven sessions since then.
WTI gained $1.04 or 1.5% on Thursday to reach $71.95 a barrel on the New York Mercantile Exchange.
Brent crude finished up $1.23 or 1.7% to settle at $74.88 a barrel on ICE Futures Europe.
Oklahoma energy stocks had a good trading day Thursday with some recording gains of 4%, 5% and even 6%.