Crude oil reaches lowest price of the year

Crude oil prices fell to their lowest level so far this year on Wednesday after U.S. stockpiles rose more than expected.

As OK Energy Today reported earlier, U.S. crude stockpiles gained 3.46 million barrels in the past week. One of the causes was a drop for the third consecutive week in refiner intake.

West Texas Intermediate crude fell $1.15 or 1.6% to $72.62 a barrel on the New York Mercantile Exchange. It was their lowest price this year.

Brent crude, the global benchmark, finished down 91 cents or 1.2% to reach $76.58 a barrel.

Natural gas rose in Wednesday’s trading. It finished up 6 cents or 1.84% at $3.54.

Oklahoma energy stocks finished split for the day…about half recorded gains while the remainder had losses. LSB Industries bounced up 5% while Mach Natural Resources dropped 3%.