As President Trump urged Saudi Arabia and OPEC to lower the costs of oill, crude oil prices fell 1% on Thursday.
Trump made the call during an address at the World Economic Forum in Davos, Switzerland. At the same time, U.S. crude oil stockpiles slipped to their lowest level since March 2022 last week even as refining activity slowed, the Energy Information Administration (EIA) said on Thursday reported Reuters.
West Texas Intermediate crude finished down 82 cents or 1.09% to $74.62 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, fell 71 cents or 0.9% and finished at $78.29 a barrel.
Natural gas finished down one cent for a 0.30% decline to $3.95.
Oklahoma energy stocks finished split for the day. Alliance Resource Partners in Tulsa finished with the highest gain at 4% while Mammoth Energy had the largest loss at 2%.