Oil Prices Drop Again as Russian Sanctions Bite

Crude oil prices dropped again on Thursday as markets reacted to new U.S. sanctions imposed on major Russian oil firms Rosneft and Lukoil. According to analysts, the sanctions were already having their intended effect, and the resulting disruption pushed Russian oil prices sharply lower. The decline added pressure to global markets and created heightened market volatility as traders assessed the fallout.

At the same time, the U.S. Energy Information Administration (EIA) reported that crude inventories fell by 3.4 million barrels for the week ending November 14, a draw that was larger than analysts expected. Typically, such a draw supports higher prices because it reflects declining supply, but on Thursday the inventory news could not counterbalance the downward pressure created by sanctions and market instability.

WTI Falls Below Previous Close

West Texas Intermediate (WTI) crude in the United States dropped to $58.72 a barrel, falling from the previous close of $59.25.
The price decline totaled 53 cents, which represented a 0.89% drop on the New York Mercantile Exchange.

Brent Crude Also Ends Lower

Brent crude, considered the global benchmark, also finished with a loss.
Brent closed the day at $63.09 a barrel after falling 42 cents, a decline of 0.66%.

Natural Gas Prices Decline

Natural gas prices dropped as well.
The contract slid $0.068, which amounted to a 1.49% decline, closing at $4.482 MMBtu.

Oklahoma Energy Stocks Mostly End With Losses

A majority of Oklahoma energy stocks finished Thursday in the loss category.

Biggest Declines Among Oklahoma Companies

• Stardust Power recorded the deepest loss, dropping more than 5%.

• Gulfport Energy posted a 4% decline.

• Helmerich & Payne also reported a 4% drop.

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