How China’s economic problems caused crude oil prices to drop Monday

China’s ailing property sector fueled demand worries in Monday’s trading and as a result, crude oil prices fell more than a dollar a barrel. Oklahoma energy stocks were left mixed but a few firms dropped 5% to 7% in trading.

Traders reported took another view of the supply risk premium also because of those nagging tensions in the Middle East where a drone attack in Egypt killed three U.S. Army reservists.

U.S. West Texas Intermediate crude fell $1.23 or 1.6% to close at $76.78 a barrel on the New York Mercantile Exchange.

The global benchmark, Brent crude, dropped $1.15 or 1.4% to finish at $82.40 a barrel on ICE Futures Europe.

It was the first time in four trading sessions that both WTI and Brent settled lower.

February natural gas fell 22 cents to $2.49 per 1,000 cubic feet.

Oklahoma energy stocks ended up in mixed trading. Empire Petroleum Corp. plunged nearly 8% and Alliance Resource Partners dropped about 6%.

Turned out to be a negative day in trading for many other energy stocks, reported the Texas Energy Report.

APA Corp. (Apache) (APA) down 0.24 at 31.87 – change 0.75%

Cheniere (LNG) down 1.12 at 166.61 – change 0.67%

Chevron (CVX) down 0.06 at 149.08 – change 0.05%

ConocoPhillips (COP) down 0.63 at 111.60 – change 0.57%

Diamondback Energy (FANG) down 1.38 at 154.86 – change 0.89%

Energy Transfer LP (ET) up 0.07 at 14.53 – change 0.48%

Enterprise Products Partners (EPD) up 0.06 at 27.47 – change 0.21%

EOG Resources (EOG) down 0.58 at 114.96 – change 0.51%

Exxon Mobil (XOM) up 0.13 at 103.13 – change 0.12%

Kinder Morgan (KMI) down 0.08 at 17.37 – change 0.41%

Marathon Oil Corp. (MRO) down 0.02 at 23.19 – change 0.09%

NOV Inc. (NOV) up 0.02 at 21.00 – change 0.09%

Occidental Petroleum (OXY) down 0.18 at 58.22 – change 0.31%

Phillips 66 (PSX) down 1.13 at 139.09 – change 0.81%

Pioneer Natural Resources (PXD) down 0.03 at 230.41 – change 0.02%

Tellurian Inc. (TELL) up 0.02 at 0.57 – change 4.09%

Valero (VLO) up 0.47 at 138.38 – change 0.34%

CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) up 0.54 at 78.38 – change 0.69%

CenterPoint (CNP) up 0.34 at 27.91 – change 1.23%

Entergy (ETR) up 0.43 at 99.71 – change 0.43%