The failure of the U.S. and Russia to reach a deal to end the war in Ukraine sent crude oil prices slightly higher on Wednesday but Oklahoma energy stocks scored big. One firm had a 22% gain for the day.
But the peace talks and the dismal results were the prime mover because had there been a peace deal, it would have ended sanctions on Moscow’s oil sector.
Brent crude closed 22 cents, or 0.4%, higher at $62.67, while U.S. West Texas Intermediate rose 31 cents, or 0.5%, to $58.95. Both contracts fell more than 1% in the previous session.
At the same time, the Energy Information Administration reported Wednesday there was an increase in U.S. crude, gasoline and distillate stocks in the past week. Crude inventories rose by 574,000 barrels at the end of the week on Nov. 28.
Natural gas prices also rose for the day, sett
Wednesday was a strong day for Oklahoma energy stocks as most recorded gains, some at 3%, 4% and 5% but none as strong as the 22% gain reported by Mammoth Energy Services.