It wasn’t the increase in U.S. crude stocks that led to higher crude oil prices on Wednesday but probable increased investor uncertainty over President Trump’s reciprocal tariffs he announced late in the day.
Investors fear a global trade war and how it might lead to less demand for crude.
As a result, West Texas Intermediate gained 51 cents or 0.7% to settle at $71.71 per barrel on the New York Mercantile Exchange.
Brent, the global standard, rose 46 cents or 0.6% and finished at $74.95 a barrel.
Prices for natural gas rose 6 cents or 1.52% to close at $4.01 per MMBtu.
Wednesday proved to be day of gains for most Oklahoma energy stocks including a nearly 9% jump in value for StarDust Power Inc.
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