Not only did crude oil prices fall more than $1 a barrel on Monday, but Oklahoma energy stocks suffered as well with at least two firms recording more than 9% losses in the value of their stocks.
The decision by OPEC+ to speed its output increases raised concerns about the global supply and sent oil prices to multi-year lows with Brent crude threatening to drop below $60 a barrel.
West Texas Intermediate fell $1.16 or 2% and closed at $57.13 a barrel on the New York Mercantile Exchange. Last week, WTI lost 7.5%.
Brent crude finished down $1.06 or 1.7% to settle at $60.23 a barrel. It lost 8.3% last week.
Natural gas prices took a dip as well, slipping 4 cents or 1.07% to settle at $3.59.
The majority of Oklahoma energy stocks finished down for the day. The largest declines were experienced by Empire Petroleum at more than 9.5% and Vital Energy at more than 9%.
