Growing concerns about possible increased production of Russian oil sent prices up about 1% in Wednesday’s trading and at the same time, there were more worries about increased U.S. oil consumption.
Prices actually hit a one-week high, reaching the highest brent close since September 30 and the highest WTI finished since September 29. So far, sanctions against Russia haven’t done much to slow the country’s production of crude oil as it remained the world’s second-biggest producer after the U.S. in 2024.
Brent crude finished up 80 cents for a 1.2% gain to settle at $66.25 a barrel while U.S. West Texas Intermediate (WTI) crude rose 82 cents, or 1.3%, to settle at $62.55.
Natural gas prices took a tumble of nearly 5% in Wednesday’s trading, falling $0.165 or 4.72% before closing at $3.333 MMBtu.
According to Reuters, despite sanctions, Russia has been gradually raising oil production and was close last month to meeting its OPEC+ output quota, Deputy Prime Minister Alexander Novak said on Wednesday, the Interfax news agency reported.
Most Oklahoma energy stocks finished the day in negative territory but for most, it was moderate losses while there were some that also recorded gains, including Stardust Power with a 5% increase at the end of the day.