A day after a decline of more than 1%, crude oil prices rebounded by nearly 3% after a large draw in U.S. crude stockpiles and new U.S. sanctions on Russia. The US benchmark hit its highest point since last summer. It also translated into a strong day for Oklahoma energy stocks.
Reuters reported U.S. crude oil inventories fell last week to their lowest since 2022, the U.S. Energy Information Administration reported, as exports rose and imports fell. Gasoline and distillate inventories rose more than expected.
West Texas Intermediate rose $2.54 or 3.28% and closed at $80.04 a barrel on the New York Mercantile Exchange. It was WTI’s highest close since July.
Global benchmark Brent crude responded by gaining $2.11 or 2.64% and finishing at $82.03 a barrel, the highest price since August 2024.
Natural gas finished up 12 cents or 2.90% to settle at $4.08.
Wednesday was another good day for Oklahoma energy stocks as most recorded gains including a 20% bounce for Canoo Inc., 9% for Empire Petroleum, 8% and for Mammoth Energy.