Crude oil dropped on news of another OPEC+ oil increase

Crude oil prices took a 3% hit in Monday’s trading and Oklahoma energy stocks suffered as well, all while natural gas prices jumped more than 2%.

What brought down crude prices was the plan by OPEC+ to increase oil output again in November along with a resumption of oil exports by Iraq’s Kurdistan region.

Crude oil flowed through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey on Saturday for the first time in 2-1/2 years, Iraq’s oil ministry said. Crude oil flows from Kurdistan to Turkey’s Ceyhan port are running at 150,000-160,000 bpd, two industry sources told Reuters.

West Texas Intermediate crude, considered the U.S. benchmark, dropped $2.27 or 3.45% and settled at $63.45 a barrel on the New York Mercantile Exchange.

Global standard Brent crude futures fell $2.16 or 3.1% and finished the day at $67.97 a barrel.

Natural gas prices rose 2.15% on a $0.069 gain before settling at $3.275 MMBtu.

Not a good day on Monday for Oklahoma energy stocks as most experienced losses including Vital Energy with a 7% tumble, Ovintiv down 6% and Devon Energy with a 4% fall.