Oil Prices Rise Nearly 1% as Fed Rate Cut Expectations Boost Markets

Crude oil prices climbed nearly 1% on Friday, hitting a two-week high as investors anticipated a possible interest rate cut by the U.S. Federal Reserve. Traders expect a rate reduction to stimulate economic growth, which in turn boosts demand for energy and crude oil.

Crude Benchmarks Reach Two-Week Highs

Brent futures rose 49 cents, or 0.8%, to settle at $63.75 per barrel.
U.S. West Texas Intermediate (WTI) increased 41 cents, or 0.7%, closing at $60.08 per barrel.

Both benchmarks recorded their highest closes since November 18, according to Reuters. For the week:

• Brent increased by about 1%

• WTI rose by approximately 3%

These increases marked the second consecutive weekly gain for both contracts.

Natural Gas Prices Continue Upward Momentum

Natural gas prices climbed again Friday, reaching $5.289 MMBtu after a gain of $0.226, or 4.46% for the day.

Oklahoma Energy Stocks Split for the Day

Friday delivered mixed results for Oklahoma energy stocks:

• Mammoth Energy fell more than 6%

• Alliance Resource Partners recorded a gain of at least 2%

• Vital Energy also posted gains of 2% or more

• Half of Oklahoma energy stocks gained, while the other half saw declines or no movement