Crude oil prices dropped on Monday, in part because of the continued concerns focused on an oversupply of oil across the globe.
Those concerns are not likely to recede unless, in the opinion of some experts, the U.S. and Europe reach an agreement on tougher tariffs on countries that continue buying Russian crude oil.
West Texas Intermediate crude’s October contract expired on Monday and closed down 4 ents or 0.1% at $62.64 a barrel on the New York Mercantile Exchange. WTI’s more actively traded second-month contract fell 12 cent or 0.2% and settled at $62.28 a barrel.
Brent crude finished the day down 11 cents or 0.2% at $66.57 a barrel.
Natural gas fell even more from Friday’s close, dropping $0.078 or 2.70% to settle at $2.81 MMBtu.
Oklahoma energy stocks had a near split of losses and gainers.
Empire Petroleum recorded a strong 5% gain for the day while NGL Energy Partners fell by more than 5%.