The record number of Americans traveling over the Fourth of July weekend offset any concerns about the weekend decision by OPEC+ to increase its August oil production and as a result, crude oil prices on Monday jumped 2% in trading.
The Holiday travel meant a greater demand for gasoline and prompted traders and investors to brush aside any worries about OPEC+to increase August production by 548,000 barrels a day, far more than the 411,000 increase made in the previous three months.
Global benchmark Brent crude rose $1.28 per barrel or 1.9% to close at $69.58 a barrel.
U.S. benchmark, West Texas Intermediate crude finished up 93 cents or 1.4% at $67.93 per barrel on the New York Mercantile Exchange. At one point in Monday’s trading, WTI traded for as low as $65.40 per barrel.
Monday produced more losers than gainers among Oklahoma energy-related stocks.
While Empire Partners recorded a 5% gain for the day, others, such as Mammoth Energy fell 5%.