Tuesday brought another increase in crude oil prices, largely because of expectations for increased demand in China and a possible squeeze on supplies in Europe as winter approaches.
Traders were optimistic following reports that China might adopt a loose monetary policy in the coming year. Plus, there was the fact that China’s crude oil imports grew annually for the first time in seven months, according to a report by Reuters.
West Texas Intermediate crude gained 22 cents or 0.32% on the New York Mercantile Exchange.
Brent crude finished up 5 cents or 0.07% to $72.19 a barrel.
The slight gains for each came after both benchmarks rose 1% on Monday.
It was another day of losses outnumbering gains for Oklahoma energy stocks. Once again, Canoo, the EV maker in Oklahoma City, led the way in losses with a more than 29% drop in share values.
Most of those with gains recorded moderate increases but Unit Corporation saw a 4% boost.
