Crude oil futures finished down on Monday with word that OPEC+ might increase its output in August. Plus, investors didn’t have as many concerns about Middle East risks as things have quieted down somewhat between Israel and Iran.
The 12-days of exchanging bombs and missiles initially sent crude oil prices to more than $80 a barrel before they returned to $67.
Still, crude oil had their biggest weekly declines since March of 2023 last week. For the month, prices gained 6% and 7%.
Global benchmark Brent futures finished down 16 cents or 0.2% to $67.61 a barrel.
West Texas Intermediate crude finished down 41 cents or 0.6% to $65.11 a barrel on the New York Mercantile Exchange.
Monday brought another round of losses for many Oklahoma energy stocks.
Empire Energy led with a 4% drop and Vital Energy followed with a 3% loss for the day.
