From staff reports Crude oil prices dropped nearly 1% four days last week on word that lowered U.S. interest rates will remain longer than many had hoped. Oklahoma energy stocks had also fallen.
With prices falling to multi-month lows, analysts and investors fear high interest rates will result in lower demand for oil, Oklahoma Energy Today reports.
West Texas Intermediate in the U.S fell 0.9% to $76.87 a barrel on the New York Mercantile Exchange, turning into a three-month low for WTI, the U.S. benchmark.
Brent crude, the world benchmark, dropped 0.7% to $81.36 a barrel on ICE Futures Europe, the lowest closing since January.
June natural gas fell 19 cents to $2.66 per 1,000 cubic feet.
Oklahoma energy stocks recorded mostly losses including 4% falls for Mammoth Energy and ONE Gas while OGE dropped 3%.