Oklahoma energy stocks and crude oil prices took a dive on Wednesday as price recorded their largest monthly drop in more than three years. US prices finished under $60 a barrel.
What precipitated the plunge? Saudi Arabia’s signal that it won’t go along with any efforts to prop up the oil market with further supply cuts, according to Reuters.
Saudi Arabia, one of the world’s biggest oil producers, signaled it was unwilling to prop up the oil market with further supply cuts and could handle a prolonged period of low prices.
Brent crude, the global benchmark, dropped $1.13 or 1.76% and closed at $63.12 a barrel. Brent’s trading in April which ended Wednesday was down 15%.
West Texas Intermediate crude, the U.S. standard, finished down $2.21 or 3.66% at $58.21, its lowest settlement since March of 2021. For the month, WTI was down 18%.
Natural gas prices dropped 3 cents for a 0.97% fall to $3.35.
Oklahoma energy stocks also had a dismal day with all but a few firms seeing losses. The largest decline was more than 9% by Virtual Energy while Empire Petroleum Corp. fell 7%. ONEOK closed down nearly 6.5%.
Alliance Resource Partners LP