The decision by OPEC+ to delay restarting its oil production growth by three months initially sent crude oil prices climbing on Thursday—then they settled lower about supply concerns.
Reuters reported the Organization of Petroleum Exporting Countries and allies, better known as OPEC+, decided to wait three months before restarting increased oil production. It was the time OPEC+ put off a decision to grow production. Instead of increasing production by 180,000 barrels a day in January, the group delayed the increase until April.
West Texas Intermediate crude slipped 0.4% to close at $68.30 a barrel in trading on the New York Mercantile Exchange.
Brent crude, the global standard, dropped 0.3% and finished at $72.09 a barrel.
Oklahoma energy stocks were split for the day with some making gains and others experiencing losses.
For instance, Canoo dropped 4% while Gulfport Energy gained 4%.
