G7’s oil release resulted in oil price gain

The decision Friday by the Group of Seven countries to release emergency crude stocks in a move to bring down global prices sent oil higher on the day’s trading.

Brent crude futures expiring in December added 0.5% or about 30 cents to $102.79 a barrel.

U.S. West Texas Intermediate crude futures expiring in November gained 0.1% to $91.24 a barrel on the New York Mercantile Exchange.

The Group of Seven wealthy democracies said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with “substantial” amounts of diesel after the fuel recently hit record high prices in the United States.

President Donald Trump said the diesel release would happen “immediately,” echoing a G7 promise to start “immediately” with a “frontloaded substantial release” of diesel within the next 20 days and the rest over four months.

Natural gas prices also made gains on Friday, rising $0.068 or 2.29% to $3.035 MMBtu.

Oklahoma energy stocks were mixed in Friday’s trading. While Empire Petroleum Corp. rose 7%, Stardust Power fell nearly 11%.

Alliance Resource Partners LP