Crude oil prices make another drop as worries grow about oversupply

Oil prices on Thursday continued their decline as they dropped about 2% to settle at their lowest close in fourth months.

It was the fourth consecutive day for losses and the reason continued to be concerns of investors about oversupply in the market as OPEC+ nations meet this week to consider more output of production.

Reuters reported OPEC+ could agree to raise oil production by up to 500,000 barrels per day in November, triple the increase for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said.

Brent crude, the global benchmark, dropped $1.24 or 1.9% to close at $64.11 a barrel. It was the lowest mark since June 2.

U.S. West Texas Intermediate crude dropped $1.30, or 2.1%, to settle at $60.48 a barrel on the New York Mercantile Exchange. It was also the lowest close for WTI since May 30.

Natural gas prices also fell in Thursday’s trading, slipping $0.014 or 0.41% to settle at $3.428 MMBtu.

All but two of our Oklahoma energy stocks we follow suffered losses in Thursday’s trading.

Empire Petroleum dropped more than 7% while Vital Energy fell more than 5% for the day.