Investors on Monday showed their like of news that President Trump will meet his Chinese counterpart Xi Jinping sometime in October and as a result, crude oil prices finished the day’s trading with gains. Oklahoma energy stocks also had a strong day with one firm recording a 33% gain.
The assurances of a meeting from the White House eased some of the tensions between the two countries that are considered to be the world’s leading economies. U.S. Treasury Scott Bessent said on Monday that the meeting between the U.S. and Chinese leaders remains on track to be held in South Korea in late October, and noted substantial communications between the two sides over the weekend reported Reuters.
West Texas Intermediate crude futures rose 59 cents for a 1% gain to close at $59.49 a barrel on the New York Mercantile Exchange.
Brent crude futures settled 59 cents higher, or 0.9%, at $63.32 a barrel.
Their Monday gains came after Friday losses of 4% as both WTI and Brent settled at their lowest levels since May.
Natural gas prices finished the day down, falling $0.0006 or 0.19% to $3.100 MMBtu.
All but two of our daily Oklahoma energy stocks we cover recorded gains on Monday.
None matched Stardust Power which skyrocketed 33% and the next closest was Empire Petroleum which shot up 9%.