Crude oil prices finished the week with a 2% drop and analysts attributed the loss to an easing of concern how Hurricane Rafael will affect oil supplies in the Gulf of Mexico.
The storm’s path apparently won’t pose much of a danger to oil production in the Gulf where energy producers had shut in more than 23% of the oil output in preparation for the hurricane.
Reports indicated oil traders also were not impressed by China’s latest economic-stimulus packages.
West Texas Intermediate futures fell $1.998 or 2.7% to $70.35 per barrel on the New York Mercantile Exchange.
Brent crude, the global standard, slipped $1.876 or 2.3% and finished at $73.87 a barrel on ICE Futures Europe.
Natural gas down 0.02 at $2.67 – change 0.82%
Friday saw gains for most Oklahoma energy stocks including a more than 26% jump for Canoo. Ovintiv grew 4% while Mammoth Energy fell more than 4%.