Crude Oil Prices
Overseas crude oil prices fell below $60 a barrel on Tuesday following a nearly 3% decline, marking the first time since May that the global benchmark closed under that level.
Market observers attributed the sharp drop to growing expectations of a potential Russia-Ukraine peace deal, which could increase global oil supplies if sanctions are eased and exports resume at higher levels.
West Texas Intermediate (WTI) crude dropped 2.73%, or $1.55, to close at $55.27 per barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, fell 2.71%, or $1.64, to settle at $58.92 per barrel.
Natural Gas Prices
Natural gas prices also moved lower on Tuesday, slipping below the $4 mark.
Henry Hub natural gas settled at $3.903 per million British thermal units (MMBtu), down $0.109 or 2.72% for the day.
Oklahoma Energy Stocks
It was a broadly negative day for Oklahoma energy stocks tracked by OK Energy Today.
Only three companies recorded gains, while 17 finished in negative territory.
Among the hardest hit was Helmerich & Payne, which posted a 6% loss for the session. Several other Oklahoma-based energy firms recorded declines ranging from 4% to 5%.
One of the few bright spots was Mammoth Energy Services, which finished the day with a nearly 9% gain.