US and Iranian talks spur gain in crude oil prices
As talks between the U.S. and Iran prepare to resume on Tuesday, crime oil prices rose in Monday’s trading. So did Oklahoma energy stocks.
The talks are aimed at de-escalating tensions against a possibility of expected OPEC+ supply or production increases. Trade was also dampened by approaching Lunar New Year holidays in China, South Korea and Taiwan.
West Texas Intermediate crude finished up 86 cents or 1.37% at $63.75 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, closed up 90 cents or 1.33% at $68.65 a barrel.
Natural gas prices fell on Monday, dropping $0.144 or 4.44% to $3.099 MMBtu.
Monday was a day of positive movement for all but one of the Oklahoma energy stocks we follow on a daily basis. The lone exception was NGL Energy Partners which recorded no gain and no loss. The biggest percentage gain was more than 4% by Mach Natural Resources.