Crude oil prices and most Oklahoma energy stocks finished down in Friday’s trading as analysts blamed the prospects for a peace deal between Russia and Ukraine for possibly easing global supply disruptions.
The disruptions might end if US oil sanctions were ended against Moscow.
West Texas Intermediate, the benchmark in the U.S. dropped 55 cents or 0.77% to close at $70.74 a barrel on the New York Mercantile Exchange. For the week, WTI lost 0.37%.
Brent crude, the worldwide standard, slipped 28 cents or 0.37% and finished at $74.74 a barrel. The global benchmark still gained 0.11% for the week.
Natural gas prices recorded another gain, rising 10 cent or 2.67% to settle at $3.73 per MMBtu.
More than half of the Oklahoma energy stocks experienced a negative trading day on Friday. Still, there were two significant gains for the day, more than 10% for Empire Petroleum Corp. and more than 8% for NGL Energy Partners LP.