Shares of energy companies fell after the Federal Reserve warned that U.S. economic output is weakening.

"The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic," the central bank said, in a statement.

Exxon Mobil is preparing to make changes to its board and adopt further measures to reduce its carbon footprint as the beleaguered energy giant faces pressure from a pair of activist investors.

Oil futures rose after the Energy Information Administration's tally showed an unexpectedly large nearly 10-million barrel drawdown in U.S. inventories in the latest week.


 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

01-27-21 1654ET