Large supplies and falling demand sent crude oil prices falling by more than 1% on Friday. Plus, Oklahoma energy stocks suffered too.
The worries of supplies proved to be more than expectations the year’sfirst interest-rate cut by the Fed might boost more consumption.
As a result, Brent crude fell 76 cents or 1.1% to close at $66.68 a barrel.
West Texas Intermediate crude dropped 89 cents for a 1.4% fall to $62.68 a barrel on the New York Mercantile Exchange.
Despite the drop in crude oil prices, they also finished the week for a second consecutive weekly increase.
Natural gas prices finished down nearly 1% on Friday, falling $0.029 or 0.99% to $2.91 MMBtu.
Friday was not a good day for Oklahoma energy stocks as nearly all experienced losses.
NGL Energy Partners dropped nearly 5% and Vital Energy fell 4%. One big exception was Empire Petroleum which recorded a more than 7% gain for the day.