The growing issue of worldwide tariffs continued taking its toll on Oklahoma energy stocks as most suffered more losses in Tuesday’s trading.
Just as U.S. crude oil futures fell below $60 a barrel in the U.S., so did Oklahoma energy trading including Mammoth Energy with the biggest percentage drop at nearly 13%. Vital Energy scored an 8% loss and Empire Petroleum wasn’t far behind at a 7% drop in the value of its shares. One exception was Alliance Resource Partners in Tulsa. The firm that is considered one of the largest coal mining operators in the East recorded a gain of 5% following President Trump’s signing of an executive order aimed at boosting coal mining production.
Brent fugures dropped more than $1 a barrel, reaching a four-year low as it settled down $1.39 or 2.16% at $62.82 a barrel.
West Texas Intermediate crude, the U.S. benchmark fell $1.12 or 1.85% and closed at $59.58 a barrel on the New York Mercantile Exchange.
Reuters explained the two benchmarks have slumped by 16% since U.S. President Donald Trump’s April 2 announcement of tariffs on all U.S. imports.
Below is the list of bleeding Oklahoma energy stocks.
