The OPEC+ decision to increase crude oil production resulted in another drop in crude oil prices on Tuesday.
Adding to the momentum was a matter of growing concern about weaker global demand. Then there is the question of when President Trump will follow through with tougher sanctions on Russia over its war in Ukraine. He’s reported to be thinking of new sanctions on Russia’s “shadow fleet” of oil tankers.
West Texas Intermediate crude, the benchmark U.S. crude oil, finished down $1.13 or 1.70% per barrel and finished at $65.16 on the New York Mercantile Exchange.
Brent crude, the benchmark around the world, fell $1.12 or 1.63% and closed at $67.64 per barrel.4
Natural gas managed a 7 cent or 2.56% gain to settle at $3.007 MMBtu.
The day’s trading saw a split of losers and gainers of Oklahoma energy stocks.
ONEOK suffered a more than 5% loss for the day and Stardust Power fell nearly 6%. LSB Industries finished up nearly 3%.
