Another slide for crude oil prices

A nearly 1% slide in crude oil prices was felt by the oil and gas industry on Tuesday as prices reached a seven-week low.

It came as investors reportedly focused their concerns on weakening oil demand from China while OPEC+ appears to not be budging from its plans to increase production. Both benchmarks dropped to their lowest closes since June 5. Diesel and gasoline futures in the U.S. also finished at their lowest levels since early in June.

In the U.S., West Texas Intermediate crude dropped $1.08 or 1.4% to settle at $74.73 per barrel on the New York Mercantile Exchange.

Brent crude, considered the global standard, fell $1.15 or 1.4% to close at $78.63 per barrel on ICE Futures Europe.

Trading of Oklahoma energy stocks resulted in a split day. While Canoo and Mammoth Energy each gained 6%, Gulfport Energy and Vital Energy each dropped 1%.