President Trump’s pledge this week to increase U.S. oil production sent crude oil prices lower on Thursday. The drop followed a Wednesday report that the nation’s crude stockpiles were more than anticipated. It also had a hard slap in the face for many Oklahoma energy stocks.
On Thursday, Trump again vowed to boost production in the states, production that is already the highest in the world.
West Texas Intermediate crude dropped 42 cents or 0.6% to $70.61 a barrel on the New York Mercantile Exchange.
Brent crude, the global oil yardstick, slipped 32 cents or 0.4% and closed at $74.29 a barrel.
Natural gas saw a gain of 2 cents or 0.54% to $3.38.
All but two of the Oklahoma energy stocks we cover daily suffered a loss on Thursday. Two of the largest included a more than 16% drop for Helmerich & Payne and an 8% loss for Mach Natural Resources.
