Crude oil prices held steady on Tuesday while natural gas prices fell in trading.
Growing pessimism about the prospects of peace between Russia and Ukraine led to a slight decline in crude oil prices. Then, there is the increasing geopolitical tensions surrounding Yemen. On Monday, both benchmarks settled more than 2% higher as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting a Russian presidential residence, denting hopes of a peace deal.
Brent crude, the global benchmark, slipped 2 cents or 0.03% to close at $61.92 a barrel.
West Texas Intermediate crude remained below the $60 mark. It fell 13 cents or 0.22% and finished the day at $57.95 a barrel on the New York Mercantile exchange.
Natural gas prices dropped in Tuesday’s trading, falling $0.014 or 0.35% to settle at $3.972 MMBtu.
Tuesday was another good day for Oklahoma energy stocks as most recorded gains. The strongest boost was seen by Mach Natural Resources where stocks rose more than 2%.