Shares of energy companies rose sharply as a rebound in oil gained momentum.
Oil futures bounced back over the $90 per barrel level as traders digested a surprisingly large drop in stockpiles.
"Oil prices have been crushed in August on recession fears, talk of a potential nuclear deal with Iran, and signs that the Chinese economy is faltering and that their oil demand is lagging," said Phil Flynn, senior market analyst at the Price Futures Group.
The U.S. inventory data suggest that, if these fears do not play out as anticipated, there could be another spike in oil prices as winter descends, Mr. Flynn said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-18-22 1652ET
