Monday’s trading saw a slight ease in oil prices largely because of what analysts called “bearish economic news” from the U.S. and Germany. Plus, there was the impact of forecasts for increased heating demand for energy during this week’s huge winter storm gripping much of the U.S.
West Texas Intermediate, the U.S. benchmark, dropped 40 cents or 0.5% to settle at $73.56 a barrel on the New York Mercantile Exchange.
The global standard, Brent crude, fell 21 cents or 0.3% to finish the day at $76.30 a barrel.
Reuters indicated that despite the declines in Monday’s trading, both crude benchmarks remained in technically overbought territory for a third day in a row.
Natural gas prices rose 32 cents or 9.48% on Monday and closed at $3.67.
The majority of Oklahoma energy stocks recorded losses on Monday including a 6% fall for Canoo and a 5% decline for NGL Energy Partners.
