Shares of energy companies fell as oil futures gave back some of their recent gains, closing at around $63 a barrel to bring their weekly gains to around 6%.
"Commodities in general and energy stocks as well are very much driven by demand," said Oliver Pursche, senior vice president at investment advisory Wealthspire. "And while optimism about reopening continues to climb there are still some real questions about demand strength."
Some of the volatility in oil prices in recent weeks has been driven by the renewal of European Covid 19 restrictions.
Oil futures were pushed higher this week by mounting tensions between the U.S.and Russia, which faces new sanctions, and by optimism about the global economic rebound.
Natural gas futures rose 6.1% on the week to close at $2.68 per million British thermal units, the highest closing price since March 10.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-16-21 1639ET
