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Energy Shares Fall as Oil Prices Pull Back - Energy Roundup

09/17/2021 | 04:55pm EDT

Shares of energy companies fell as oil futures declined, pulling back from seven-week highs as demand worries increased.

Japan has already extended stricter lockdown measures in an attempt to suppress the further spread of Covid-19, and China reported a new outbreak of Covid-19 in the Fujian province.

Oil was still up for the week due to tighter supply from restrictions on OPEC and lingering supply disruptions in the Gulf of Mexico in the wake of Hurricane Ida.

The number of rigs drilling for oil in the U.S. climbed by 10 in the latest week to 411, according to oil-field services company Baker Hughes.

Natural gas prices were lower for a second straight session, down 1.1% at $5.275/mmBtu as investors continue to book profits after a massive, weeks-long, rally that pushed prices to a seven-year-high of $5.460 on Wednesday.

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

(END) Dow Jones Newswires

09-17-21 1654ET

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