Crude oil prices dropped nearly 2% on Tuesday with the end result being $60 oil arrived in the U.S.
Both West Texas Intermediate and Brent crude fell to a two-week low as investors continued exhibiting concerns about OPEC+ and its plan to boost oil output along with the Trump administration’s tariffs. The two benchmarks hit their lowest settlements since April l10.
WTI fell $1.63 or 2.6% and closed at $60.42 a barrel on the New York Mercantile Exchange.
Brent crude, the global standard, dropped $1.61 or 2.4% and finished at $64.25 a barrel.
Natural gas finished up 0.04 or 1.29% at $3.39.
Oklahoma energy stocks finished the day split with some companies recording moderate gains and others experiencing declines. Empire Petroleum Corp. dropped 5% when trading ended.