(A controlled explosion carried out by Houthi rebels which sank a cargo vessel in the Red Sea. Ansar Allah Media Office via AP)
Wednesday’s trading brought a slight gain in crude oil prices, largely because of an increase in demand for gasoline in the U.S. plus more attacks by Houthis on Red Sea shipping.
A report by CBS indicated three mariners were killed and two others wounded in an attack on a Green-owned cargo ship while several crew members remain missing.
The demand for gasoline increased 6% last week to 9.2 million barrels a day.
There was also a gain of more than 7 million barrels in crude oil inventories across the U.S.
West Texas Intermediate crude in the U.S. finished up 5 cents for a gain of 0.07% and closed at $68.38 a barrel on the New York Mercantile Exchange.
Brent crude finished up 4 cents or 0.06% to close at $70.19 a barrel.
Oklahoma energy stocks experienced more losses than gains in Wednesday’s trading. Gulfport Energy took a 4% hit and Vital Energy dropped 3%. On a bright note, Empire Petroleum Corp. shot up a strong 8%.
