Crude oil prices make another tumble amidst talks

Another day of falling crude oil prices as they dropped 1% Wednesday, reaching their lowest levels since March.

Optimism over the U.S.-Iran talks was supported by President Trump’s comments that talks in Qatar had gone well. The talks are perceived as being positive toward bringing an end to the exchange of military attacks.

Brent crude finished down $1.38 or 1.89% at $71.57 a barrel.

West Texas Intermediate fell 92 cents or 1.32% at $68.58 a barrel on the New York Mercantile Exchange. It was the lowest levels in four months for both benchmarks.

Some analysts believe oil prices will drop even more, this as the U.S. and Iran held technical talks in Doha. A key issue is an agreement on the flow of shipping through the Strait of Hormuz as well as securing a lasting ceasefire.

Natural gas prices fell as well, settling at $3.204 MMBtu after a decline of $0.072 or 2.20%.

Wednesday was a weak day for Oklahoma energy stocks as most of those covered in our daily review. The loss leaders included USA Rare Earth with a 7% drop and Helmerich & Payne experiencing a 6% setback for the day. One big gain for the day was Stardust Power where shares jumped 10%.