Crude oil dropped on peace plan prospects

Crude oil prices went through a small drop on Monday as investors and traders remained worries a Russia-Ukraine peace deal could mean easing of sanctions on Russia and increase oil flows to the market.

Analysts continue to predict that rising global supply growth will outpace demand, contributing to a general downward trend in prices.

West Texas Intermediate crude finished down 2 cents or 0.03% to settle at $58.06 a barrel on the New York Mercantile Exchange.

Brent crude fell 1.29% before closing at $62.56 a barrel.

Natural gas prices dropped for the day, closing at $4.521 MMBtu after a fall of $0.028 or 0.62%.

Monday’s trading resulted in a split day for Oklahoma energy stocks. Empire Petroleum fell more than 5% while Vital Energy rose 5%.