Word that OPEC+ might consider increasing oil production at its meeting in June sent crude oil prices falling on Thursday.
It raised worries that the global supply might be far more than demand. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported.
West Texas Intermediate crude finished down 37 cents or 0.6% to close at $61.20 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global benchmark, fell 47 cents or 0.72% and finished the day at $64.44 a barrel.
Natural gas fell 11 cents or 3.41% for the day before settling at $3.25.
It was another day of losses for most Oklahoma energy stocks. Losses were moderate.
Alliance Resource Partners LP
26.42 USD−0.34 (1.27%)
24.41 USD−0.080 (0.33%)
31.14 USD−0.36 (1.14%)
114.39 USD−0.32 (0.28%)
192.50 USD−0.62 (0.32%)
Mach Natural Resources LP
13.63 USD−0.100 (0.73%)
Mammoth Energy Services Inc
12.04 USD−0.090 (0.74%)
NGL Energy Partners LP Unit
43.79 USD−0.42 (0.95%)
73.49 USD−1.30 (1.74%)
81.37 USD−0.46 (0.56%)
35.67 USD−0.25 (0.70%)
4.31 USD−0.0050 (0.12%)
9.72 USD−0.11 (1.12%)
0.61 USD+0.0019 (0.31%)
57.75 USD−0.18 (0.31%)