Crude oil prices took a 1% fall on Thursday after a U.S. court ruling blocked President Trump’s sweeping tariffs. The fall happened before an appeals court overturned the ruling and decided in his favor.
Prices had earlier risen before the lower court claimed President Trump had overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners, reported Reuters. But The Hill reported a federal appeals court lifted the first of two rulings blocking President Trump’s tariffs on Thursday, handing him a temporary win after a lower court rejected the administration’s legal defense hours earlier.
West Texas Intermediate crude dropped 90 cents or 1.5% to settle at $60.94 a barrel on the New York Mercantile Exchange.
Brent crude fell 75 cents or 1.2% to close at $64.15 a barrel.
The majority of Oklahoma energy stocks finished Thursday in positive trading territory including Empire Petroleum with a more than 12% gain for the day. On the flip side, NGL Energy Partners dropped about 7%.
