Crude oil prices dropped on Wednesday to below $60 and most Oklahoma energy stocks slumped as President Trump’s Venezuelan oil plans prompted concerns about the long-term impact of U.S. actions following the weekend capture of the country’s leader Nicolas Maduro.
After hitting record highs this week, many major stock indexes finished lower for the day. Reuters reported investors said it was difficult to translate the implications of Trump’s capture of Venezuelan President Nicolas Maduro over the weekend. The potential for his move on Caracas to unsettle China, as he also ratchets up rhetoric about acquiring Greenland, meant global trade tensions could rise, making market turbulence more likely.
U.S. crude fell $1.14 to settle at $55.99 a barrel on the New York Mercantile Exchange and global benchmark Brent fell 74 cents to settle at $59.96, just a few cents below $60.
Natural gas prices rose after two consecutive days of losses. They settled at $3.57 MMBtu after a gain of $0.049 or 1.39%.
For another day, Oklahoma energy stocks finished the day in negative territory with NGL Energy Partners dropping 10%, the most of any of the local stocks.