Crude oil prices fell in Wednesday’s trading

Oil prices dropped Wednesday over reports showing an unexpected increase in U.S. crude and fuel stockpiles, adding to the concerns about an oversupply of crude oil.

Prices were also affected by supply risks caused by U.S. sanctions against Russian oil producers. There was also a report that indicated the U.S. renewed its push to end Russia’s war in Ukraine and drew a framework for it.

West Texas Intermediate crude finished below $60, falling to $59.32 a barrel on the New York Mercantile Exchange. The close was below the previous close of $60.67 a barrel.

Brent crude closed at $64.78 a barrel.

Natural gas finished up nearly 5% for the day, closing at $4.574 MMBtu after a gain of $0.023 or 4.64%.

Oklahoma energy stocks nearly split for the day but in the end, there were more firms with losses than gains.

Empire Petroleum dropped 6% and LSB Industries fell 5% while Stardust Power rose 6% for the day.