Possible peace sent oil prices falling Friday

Growing attempts by the U.S. to broker a peace deal between Russia and Ukraine created more concern that such an agreement could lead to increased global oil supplies. As a result, crude oil prices on Friday fell nearly 3% in the states and 2% across the world.

West Texas Intermediate crude dropped 2.6% to settle Friday at $57.46 per barrel on the New York Mercantile Exchange.

Brent crude, the global benchmark, fell 2.2% and finished the day at $62 a barrel.

As CNBC reported on Friday, analysts, however, are doubtful the peace plan, thought to be favorable toward Moscow, would be supported by Kyiv. At the same time, energy market participants also monitored the impact of U.S. sanctions against Russian oil majors Rosneft and Lukoil, and expectations for the Federal Reserve’s upcoming interest rate decision.

While crude oil fell more than 2% here in the states and overseas, natural gas prices rose more than 2% on Friday. They closed at $4.573 MMBtu after a gain of $0.099 or 2.21%.

Another strong day of trading on Friday for Oklahoma energy stocks as only a few recorded losses for the day, including Stardust Power at 7%. But on the positive side, Empire Petroleum had a gain of more than 12%