It wasn’t enough to recover from the 7% decline over the past week, but crude oil prices Monday gained 2%. At the same time it sent a slap in the face of most Oklahoma energy stocks as they suffered losses.
The increase in crude prices came as there was no letup in the Middle East fighting and an anticipated retaliatory attack by Israel on Iran.
West Texas Intermediate crude in the U.S. rose $1.34 or 1.94% per barrel to close at $70.56 on the New York Mercantile Exchange
Global benchmark Brent crude finished up $1.23 or 1.68% at $74.29 a barrel on ICE Futures Europe.
Both benchmarks are attempting to recover from last week when Brent fell 7% and WTI lost 8%….their biggest declines since early September.
Monday was a bad day for Oklahoma energy stocks as nearly all but a few suffered losses. Most losses ranged from less than 1% to about 2%. Two exceptions were Canoo Inc. with a nearly 6% drop and NGL Energy Partners with about a 3% slide.