Not only did crude oil prices go up 3% in Thursday’s trading, but Oklahoma energy stocks enjoyed a day of positive territory with some firms seeing gains of 5%, 6% and 7%.
Crude prices were bolstered over hopes for a trade deal between the US andthe European Union. Plus, the newest US sanctions on Iranian oil exports added some growing concern about global oil supplies.
Brent crude, the global standdard, rose $2.11 or 3.25% and closed at $67.96 a barrel.
West Texas Intermediate crude, considered the U.S. benchmark, settled up $2.21 or 3.54% at $64.68 a barrel on the New York Mercantile Exchange.
Because of Easter, there won’t be trading on Good Friday and as a result, both benchmarks gained about 5% for the week which was their first weekly gain in three weeks.
Natural gas unchanged at $3.25 – change 0.00%
Of Oklahoma energy stocks, one of the biggest percentage gains was nearly 7% by Vital Energy followed by 6% for NGL Energy Partners. Five percent increases were recorded by Helmerich & Payne, and PHX Minerals.