A hefty gain in U.S. crude oil supplies, including those at the nation’s largest tank farm, the Cushing Hub, sparked a drop in crude oil prices Wednesday.
But the fall wasn’t as big as it could have been because of the continuing risk that Iran’s crude oil supplies might be interrupted by fighting in the Middle East.
West Texas Intermediate crude, the US Standard, fell 33 cents or 0.5% to $73.24 a barrel on the New York Mercantile Exchange.
The global standard, Brent crude, finished down 60 cents or 0.8% at $76.58 a barrel on ICE Futures Europe.
As for Oklahoma energy stocks, most recorded moderate gains for the day, ranging from less than 1% to 2% for the day.
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