A day after crude oil prices dropped more than 6%, they still suffered a decline on Tuesday but only a small one.
After word spread that perhaps there might be a de-escalation of Israel’s Lebanon offensive, prices edged lower. To some energy traders, it might have been a sigh of relief.
US benchmark, West Texas Intermediate fell 17 cents or 0.25% to close at $67.21 a barrel on the New York Mercantile Exchange. US oil however, remains down about 6%.
Brent crude dropped 30 cents or 0.42% and finished at $71.12 a barrel. Compared to a year ago, Brent crude prices are down more than 7%.
Tuesday proved to be another day of losses for many Oklahoma energy stocks. Empire Petroleum was the exception as it recorded a nearly 6% gain for the day.
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