Shares of energy companies fell as investors braced for a shift in Federal Reserve policy.
Federal Reserve Bank of St. Louis President James Bullard said the central bank could hike interest rates to contain inflation as soon as late 2022. The energy sector was one of the main stock-market beneficiaries of inflationary trends.
The number of rigs drilling for oil in the U.S. rose by eight in the latest week to 373, according to oil-field services company Baker Hughes, the second straight significant increase. Oil futures rose for the fourth straight week in New York, closing above $71 a barrel, reflecting the recent increase in fuel consumption.
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(END) Dow Jones Newswires