Crude oil prices at 14 month low and OK energy stocks weak in Thursday’s trading

Thursday brought still more depressing crude oil price news as they remained at a 14-month low and Oklahoma energy stocks had more losses.

An anticipated return of Libyan crude oil production and shipping means an increase in world supplies and that added to a lack of enthusiasm for crude oil prices. Plus, there was a big withdrawl of U.S. inventories including those at the Cushing hub as reported elsewhere by OK Energy Today.

West Texas Intermediate crude, the price determined at the Cushing hub dropped 5 cents or 0.1% to settle at $69.15 a barrel. It was a second straight day of prices below $70 on the New York Mercantile Exchange and the lowest WTI close since December 2023.

Brent crude settled down 1 cent at $72.69 a barrel, the lowest close since June 2023.

Once again, Oklahoma energy stocks endured losses in Thursday’s trading including a 4% drop for Vital Energy and a 5% decline for Canoo.