Crude oil prices plunged about $2 a barrel on Friday and the tumble sent shock waves through Oklahoma energy stocks as most finished with losses for the day.
Analysts blamed a possible production increase by OPEC+ as well as a weaker-than-exepcted jobs report in the U.S.
Global benchmark Brent crudefutures dropped $2.03 or 2.83% to close at $69.67 a barrel, below the $70 mark it had reached earlier in the week.
West Texas Intermediate crude, the U.S. benchmark, fell $1.93 or 2.79% to finish at $67.33 a barrel on the New York Mercantile Exchange.
Both still finished the week with overall improvement including a 6% gain for Brent crude and a 6.29% increase for WTI.
All but three of the Oklahoma energy stocks we typically follow daily ended Friday’s trading in the loss column.
Vital Energy dropped nearly 10% and Matrix Service Co. fell about 7%.