Crude oil prices hit 5-month low

Crude oil prices dropped Wednesday, hitting a five-month low amidst the growing tensions between the U.S. and China in their tariff dispute over rare earth minerals. Adding to the pressure was the International Energy Agency prediction of a supply surplus in 2026.

A forecast from Bank of America also rained on the parade, stating that Brent prices, the world benchmark, could fall below $50 a barrel should the US and China trade tensions grow worse.

The impact on prices turned out to be a drop of 48 cents or 0.8% for Brent crude which settled at $61.91 a barrel.

West Texas Intermediate crude in the U.S. fell 43 cents or 0.7% to finish at $58.27 a barrel on the New York Mercantile Exchange.

It turned out to be the lowest settlements for the two benchmarks since May 7.

Natural gas prices ended up in the positive territory on Wednesday, rising $0.008 or 0.26% to settle at $3.036 MMBtu.

Oklahoma energy stocks also finished the day in the same territory. Those firms with gains did so with moderate increases while among the losers, StarDust Power dropped 14% and Alliance Resource Partners finished down 4%.