Shares of energy companies fell as oil prices slid after weak Chinese manufacturing data hinted at a slip in demand from the world's biggest oil importer.
In addition, OPEC+ officially raised production starting Monday by an additional 400,000 barrels a day. More broadly, analysts said the hectic 2021 oil rally is petering out because of the risk of a new wave of pandemic lockdowns.
"Concerns around the Covid Delta variant are definitely influencing conversations regarding global economic growth," said analysts at brokerage Evercore.
In corporate news, Oil Search said it intends to recommend a new takeover proposal from Santos to create an energy company with a market value of more than A$22 billion.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
08-02-21 1625ET
