Shares of energy companies rallied after the International Energy Agency boosted its projection for 2022 demand, citing the impact of a summer heatwave in Europe.
Energy stocks had tumbled earlier in the week after an extended movement lower for oil futures. On Thursday, oil futures rose 2.6% to $94.34 a barrel.
The stark rebound in oil made traders question the theory that energy prices and inflation had peaked, said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.
Separately, the Organization of the Petroleum Exporting Countries cut its projection for global oil demand this year by 260,000 barrels to 100.03 million barrels a day.
European Union diplomats are reportedly offering concessions to Iran on an investigation into nuclear materials in an effort to jump-start stalled talks.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-11-22 1626ET
