The possibility that a hurricane might hit Louisiana this week sent crude oil prices up about 1% on Monday.
Investors and others expressed concerns that the storm could cause a disruption in production as well as refining along the U.S. Gulf Coast.
The U.S. benchmark, West Texas Intermediate crude rose $1.04 or 1.5% to settle at $68.71 on the New York Mercantile Exchange.
Brent crude, the global standard, gained 78 cents or 1.1% and finished at $71.84 a barrel.
Both WTI and Brent were coming off lows on Friday—Brent at its lowest price since December 2021 and WTI its lowest since June 2023.
Oklahoma energy stocks were nearly split in losses and gains on Monday’s trading. Some were like Canoo with a 9% loss while others recorded moderate gains.
22.84 USD−0.13
1.31 USD−0.13
70.31 USD−0.53
22.80 USD−0.12
41.40 USD+0.060
4.92 USD−0.0100
138.07 USD+0.31
30.90 USD+0.56
7.19 USD+0.090
16.50 USD+0.25
3.61 USD−0.040
9.14 USD−0.23
4.17 USD−0.020
39.95 USD+0.35
68.74 USD+0.16
ONEOK Inc
92.04 USD+0.98
40.29 USD+0.020
3.35 USD−0.030
11.95 USD−0.020
6.01 USD−0.030
32.92 USD+0.14
27.36 USD−1.04
44.52 USD+0.26