Crude oil prices fall on oil stock buildup

Crude oil prices slipped 1% to a two-week low in Thursday’s trading, thanks largely to a surprise buildup of U.S cruce oil inventories in the past week, including at the Cushing Hub as reported elsewhere in our OK Energy Today newsite.

This week’s meeting of OPEC+ producers also played a role in the drop in oil prices because it’s anticipated the OPEC+ members will increase their output targets for October.

West Texas Intermediate fell 49 cent or 0.8% and closed at $63.48 per barrel on the New York Mercantile Exchange.

Brent crude dropped 65 cents or 1.0% and finished at $66.95 a barrel. It was the lowest close for Brent since August 20.

Natural gas prices recorded another gain for the day, increase $0.012 or 0.39% to settle at $3.076 per MMBtu.

By a small margin, more Oklahoma energy stocks made gains rather than losses in Thursday’s trading. NGL Energy Partners went up 5% and Helmerich & Payne and Unit Corporation recorded 4% increases.

The big loss for the day was a neary 20% drop for Stardust Power.