Crude oil prices took another hit in Wednesday’s trading and as a result they reached two-month lows following reports of increased fuel supplies in the U.S. even as crude oil stocks declined. Gasoline and distillate inventories made a surprising gaine in the past week.
Prices were also affected by a potential peace agreement between Ukraine and Russia and the two benchmarks for oil, Brent and WTI reached their lowest prices since December 10.
West Texas Intermediate crude dropped 31 cents or 0.45% to settle at $68.62 per barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, fell 49 cents or 0.67% to finish at $72.53 a barrel.
Natural gas prices tumbled 6.42% on a 27 cent drop to $3.91 per MMBtu.
The majority of Oklahoma energy stocks finished the day on a downhill slide including 3% losses recorded by Vital Energy, Gulfport Energy and Helmerich & Payne.