Shares of energy companies fell sharply after the OPEC cartel's decision to keep gradually increasing production and a weak reading of private-sector jobs growth in the U.S.
OPEC and a group of Russia-led producers said they agreed to continue increasing oil production in measured steps, resisting for now recent U.S. pressure to open the group's spigots wider. In a bullish development for the U.S. oil market, crude-oil stockpiles fell by 7.2 million barrels to 425.4 million barrels, and remain about 6% below the five-year average, the Energy Information Administration said.
Valero Energy, Marathon Petroleum, Royal Dutch Shell and other oil refiners along the banks of the Mississippi River near New Orleans are still assessing damages and could take weeks to come back online.
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(END) Dow Jones Newswires