After two successive days of gains, crude oil prices dropped by more than 1% on Wednesday and the majority of Oklahoma energy stocks also experienced losses.
A large build in gasoline and diesel inventories was blamed for causing the price drop along with intentions of OPEC+ to increase its production. U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels.
West Texas Intermediate crude finished down 56 cents or 0.9% to $62.85 a barrel on the New York Mercantile Exchange.
Brent crude closed down 77 cents or 1.2% and closed at $64.86 a barrel.
Wednesday’s trading resulted in losses for most Oklahoma energy stocks with many firms seeing declines of 1% to 2%.