Sunday’s OPEC+ meeting was one of the reasons crude oil prices fell in Friday’s trading. Plus, there was the consideration of oil’s geopolitical risk amid the drawn-out Russia-Ukraine peace talks.
Oil prices finished the week up about 1% for the week, but both Brent crude and WTI were down for the fourth consecutive month and it was their longest losing streak since 2023.
Brent crude fell 14 cents or 0.22% at $63.20 a barrel.
West Texas Intermediate crude finished down 10 cents or 0.17% at $58.55 a barrel on the New York Mercantile Exchange. Reuters explained U.S. West Texas Intermediate crude futures resumed trading after being frozen due to a system outage at exchange operator CME Group, blamed on a cooling issue at CyrusOne data centres. Brent trades on the Intercontinental Exchange, or ICE.
Natural gas closed at $4.850 MMBtu after a gain of $0.292 or 6.41%.
Oklahoma energy stocks finished the week with a strong day of trading on Friday as Expand Energy and StarDust Power each gained 3% for the day. Empire Petroleum fell the same percentage of 3%.
** Alliance Resource Partners LP