Crude oil prices and Oklahoma energy stocks enjoyed positive territory on Thursday as oil rose 3% because of optimism over the trade talks between the US and China. Both are the world’s largest oil consumers and what comes out of the talks could have a big impact on oil distribution and production.
Investors are anxious to see what comes out of the talks that begin Saturday in Switzerland as U.S. Treasury Secretary Scott Bessent will meet with China’s top economic official.
West Texas Intermediate, the U.S benchmark, finished up $1.84 or 3.2% to close at $59.91 a barrel on the New York Mercantile Exchange.
Global standard Brent crude rose $1.72 or 2.8% to finish at $62.84 a barrel.
Natural gas finished down one cent or 0.30% decline to $3.61.
Oklahoma energy stocks echoed the increase in oil prices with at least one firm, Vital Energy, soaring more than 12% while Matrix Service Co. recorded a more than 11% gain for the day. Lithium refinery developer Stardust Power gained 9%.
