Crude oil prices on Monday hit their lowest closes since early December, falling nearly 2% to a 12-week low and the drop dragged Oklahoma energy stocks down too, some as much as 11%.
The drop in prices came after it was reported OPEC+ will move ahead with a planned oil output increase in April. Adding to it were growing concerns that U.S tariffs will harm global economic growth and demand for crude oil. It resulted in the lowest close for WTI since Dec. 9, 2024 and the lowest for Brent since Dec. 6 of last year.
West Texas Intermediate fell $1.39 or 2.0% to $68.37 a barrel on the New York Mercantile Exchange.
Brent crude dropped $1.19 or 1.6% and settled at $71.62 a barrel.
While oil prices fell, natural gas prices gained 7.51% on a 29 cent increase to $4.12 per MMBtu.
Oklahoma energy stocks showed serious signs of suffering on Monday as two firms, Mammoth Energy Services and Vital Energy plunged 11% in their respective stock values. Other stocks fell 5% and 6% for the day.
