For the third consecutive trading day, crude oil prices dropped again on Tuesday while Oklahoma energy stocks reversed Monday’s disastrous losses.
Fading hopes for a trade deal between the U.S. and Europe prompted the drop in crude oil prices, leading some to speculate of a coming economic slowdown in the world’s largest oil markets.
West Texas Intermediate crude for August delivery fell $1.05 or 1.6% to $66.15 a barrel on the New York Mercantile Exchange. WTI’s September contract is more active and it finished down 87 cents or 1.3% to $65.08 a barrel.
Brent crude finished down 82 cents or 1.2% to $68.39 a barrel.
Tuesday’s trading brought a complete reversal of Monday’s losses for Oklahoma energy stocks. All but one firm recorded a gain a day after experiencing the losses.
Empire Petroleum recorded the largest percentage jump at a strong 7%.
Alliance Resource Partners LP
