Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Energy Shares Fall Even as Oil Prices Finish Higher -- Energy Roundup

06/11/2021 | 04:39pm EDT

Energy shares slipped even as oil prices edged higher above $70 a barrel.

The International Energy Agency said it expects the world's appetite for crude oil will return to its pre-pandemic highs by the end of next year but low coronavirus vaccination rates in emerging economies are pushing the pandemic's end date further away.

In its market report, the energy watchdog said that while it expects global oil demand in 2022's final quarter to hit 100.6 million barrels for the first time since late 2019, it was also slashing its forecast for resurgent demand in the second half of this year.

The number of rigs drilling for oil in the U.S. rose by six in the latest week to 365, according to oil-field services company Baker Hughes.

In corporate news, BP is working on a plan to spin off its operations in Iraq into a stand-alone company, according to people familiar with the matter, as the oil giant shuffles its assets and investment plans in its pivot toward lower-carbon energy.

Saudi Aramco's return to the global debt markets this week demonstrated the oil giant's need to raise cash despite high energy prices, as it issued its inaugural dollar-denominated Islamic bond to meet a dividend pledge and complete a costly acquisition. Saudi Arabian Oil, as the world's largest listed oil company is officially called, raised $6 billion in Islamic bonds, or sukuk, on Wednesday, according to people familiar with the issue. It last sold $8 billion in conventional bonds in November when oil prices were floundering due to the coronavirus pandemic.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

06-11-21 1638ET

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.44.56%
S&P GSCI CRUDE OIL INDEX 1.07% 405.2942 Delayed Quote.51.73%
WTI 0.53% 73.659 Delayed Quote.50.25%
Latest news "Economy & Forex"
12:12aWORLD BANK TOKYO ONLINE MORNING SEMINAR #113 “PUBLIC-PRIVATE PARTNERSHIPS IN URBAN BUS SYSTEMS : An Analytical Framework for Project Identification and Preparation”
PU
07/30Costa Rica's central bank lifts growth forecast amid manufacturing rebound
RE
07/30Peru president names Pedro Francke as finance minister
RE
07/30China's factory activity in July grows at slowest pace since Feb 2020
RE
07/30China's factory activity in July grows at slowest pace since Feb 2020
RE
07/30FED'S BRAINARD : Can't wrap head around not having U.S. central bank digital currency
RE
07/30Dollar rises but still set for biggest weekly loss since May
RE
07/30UK's Truss says 'closing in' on free trade agreement with New Zealand - Sky News
RE
07/30FED'S BRAINARD : Can't wrap head around not having U.S. central bank digital currency
RE
07/30China july official composite pmi at 52.4
RE
Latest news "Economy & Forex"