Producers encouraged by climb in Oklahoma oil prices - KSWO 7News | Breaking News, Weather and Sports

Producers encouraged by climb in Oklahoma oil prices

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.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • South Korea asks North to explain canceled visit

    South Korea asks North to explain canceled visit

    Friday, January 19 2018 11:47 PM EST2018-01-20 04:47:07 GMT
    Saturday, January 20 2018 3:47 AM EST2018-01-20 08:47:09 GMT
    South Korea requests North Korea to explain why it abruptly canceled plans to send a delegation to prepare for a visit by an art troupe during next month's Pyeongchang Winter Olympics.
    South Korea requests North Korea to explain why it abruptly canceled plans to send a delegation to prepare for a visit by an art troupe during next month's Pyeongchang Winter Olympics.
  • Women will march again with aim to become a political force

    Women will march again with aim to become a political force

    Saturday, January 20 2018 12:06 AM EST2018-01-20 05:06:15 GMT
    Saturday, January 20 2018 3:18 AM EST2018-01-20 08:18:39 GMT
    Activists return to the streets a year after 1 million people rallied worldwide for female empowerment, hoping to create an enduring political movement that will elect more women to government office.
    Activists return to the streets a year after 1 million people rallied worldwide for female empowerment, hoping to create an enduring political movement that will elect more women to government office.
  • US government shuts down; Dems, GOP blame each other

    US government shuts down; Dems, GOP blame each other

    Friday, January 19 2018 1:25 AM EST2018-01-19 06:25:00 GMT
    Saturday, January 20 2018 2:57 AM EST2018-01-20 07:57:16 GMT

    The measure would be the fourth stopgap spending bill since the current budget year started in October.

    The measure would be the fourth stopgap spending bill since the current budget year started in October.

Powered by Frankly