Crude oil prices finished the last day of 2024 with about 1% gains but for the year, both benchmarks were down about 3%. It was the second consecutive year for crude oil prices to close a year with losses.
Brent finished the year down about 3% compared to 2022 while WTI was about the same as last year’s final settlement.
What led to the losses? Reuters reports it was due to a stalling of the post-pandemic demand recovery along with China’s struggling economy and an over-supply of crude oil by the U.S. and other non-OPEC producers.
West Texas Intermediate, the US benchmark rose 73 cents in Tuesday’s trading for a gain of 1.03% to close at $71.72 a barrel on the New York Mercantile Exchange.
Global benchmark, Brent crude finished the last trading day of the year up 65 cents or 0.88% to $74.64 a barrel.
Natural gas prices dropped 30 cents or 7.70% on the last trading day of 2024 to close at $3.63.
Oklahoma energy stocks finished 2024 by scoring more gainers than the few firms that recorded losses on the last day of the year. Mammoth Energy rose 8%, Empire Petroleum and Unit Corporation each gained 5% and Vital Energy more than 4%.