After a few days of gains, crude oil prices fell more than 1% on Tuesday’s trading following a government forecast of steady U.S. oil demand in 2025.
New U.S. sanctions announced last Friday on Russian oil exports to India and China limited some of the tumble in prices. The drop in prices came after they had risen 2% in Monday’s trading.
West Texas Intermediate crude dropped $1.32 or 1.67% to $77.50 a barrel on the New York Mercantile Exchange.
Brent crude was down $1.09 or 1.35% to finish at $79.92 a barrel.
Natural gas prices fell 3 cents or 0.86% to close at $3.97.
All but two of the Oklahoma energy stocks we list at OK Energy Today recorded gains in Tuesday’s trading. While oil prices dropped, energy stocks grew including a 5% bump for Matrix Services and 4% increases for Mammoth Energy and Williams Cos.