A dollar-a-barrel jump in crude oil prices on Thursday came aftr OPEC+ indicated it would continue with production cuts. But adding to the increase were continued attacks on Russia’s oil refineries and a drop in the U.S. rig count.
It also led to gains for Oklahoma energy stocks.
West Texas Intermediate crude, considered the U.S. benchmark, rose $1.82 or 2.2% to finish the day at $83.17 a barrel on the New York Mercantile Exchange.
Brent crude, the global benchmark, gained $1.39 or 1.6% and settled at $87.48 a barrel, its highest mark since the end of October 2023.
For the week, WTI gained nearly 3.2% while Brent rose 2.4%.
May natural gas rose 4 cents to $1.76 per 1,000 cubic feet.
Oklahoma energy stocks recorded mostly gains in Thursday’s trading— some as much as 3% to 4%.