Ponca City, OK

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Producers encouraged by climb in Oklahoma oil prices

The Associated Press - January 12, 2018 9:52 am

OKLAHOMA CITY (AP) – Oklahoma oil producers say a rebound in oil prices will allow companies to consider adding new workers.

Oklahoma sweet crude closed Thursday at $60.25 a barrel. Luke Essman, the CEO at Canyon Creek Energy of Tulsa, said that after years of breaking even or struggling, companies now might be able to make new investments.

West Texas Intermediate and Brent crude also closed up Thursday, with both trading above $60.

The Oklahoman reported that many companies had to cut costs and jobs over the last three years. Essman notes that while prices are up, so are expenses. He said prices in the $60s would allow additional investments.

Two years ago, oil was trading in the $30 a barrel range.

 

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