A one-week high was reached Thursday by crude oil prices as they rose nearly 2% upon President Trump’s warning of “severe consequences” if his approaching talk with Russia’s Vladimir Putin fails to bring an end to the war in Ukraine.
Plus, traders were buoyed by the prospects of a U.S. interest rate cut next month as they think it could spur more demand for oil.
Brent crude, the global benchmark, gained $1.21 or 1.8% to close at $66.84 a barrel. It was Brent’s highest close since August 6.
West Texas intermediate crude, the U.S. standard, went up $1.31 for a 2.1% gain and closed at $63.96 a barrel on the New York Mercantile Exchange.
Natural gas dropped $0.002 or 0.07% to close at $2.89 per MMBtu.
Oklahoma energy stocks finished split on Thursday with a 5% gain recorded by Stardust Power but a 5% loss for Empire Petroleum Corp.
