Interest rate cut led to drop in crude oil prices

The rate cut announced Wednesday by the Federal Reserve made crude oil investors wonder about the health of the U.S. economy and as a result, crude oil prices dropped. At the same time, the U.S. experienced a crude oil inventory decrease.

The crude inventory fell 1.6 million barrels, far more than the 500,000 barrel decrease expected by analysts. Oklahoma energy stocks also fell for the day.

West Texas Intermediate crude for October fell 28 cents and settled at $70.91 a barrel on the New York Mercantile Exchange.

Brent crude, considered the global benchmark, lost 5 cents and finished the trading day at $73.65 a barrel on ICE Futures Europe.

What did the interest rate drop do to the trading of Oklahoma energy stocks? Most fell such as the 3% drops for Empire Petroleum and Matrix Service Co.