Shares of energy companies edged higher at the close of trading Friday even as U.S. benchmark oil prices sank to their lowest in five months.
Oil prices ended with a 10% weekly decline that's the steepest drop since the week ending April 17, back when initial coronavirus lockdowns were taking place in the U.S. and around the globe.
A recent reimposition of lockdowns in several European countries fueled this week's selloff, while rising U.S. oil inventories and production have also pressured WTI prices as it could point to more bloated supplies heading into the weak-demand winter.
A weekly, Baker Hughes U.S. rig-count report that showed active oil rigs hit a five-month high added to the bearish sentiment.
Shares of Exxon Mobil fell after it reported its third consecutive quarterly loss as the pandemic continued to sap oil demand. The oil giant also warned it may write down natural-gas assets worth as much as $30 billion.
Chevron swung to a loss for the September quarter as the Covid-19 pandemic continued to sap oil demand and crude prices remained low.
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(END) Dow Jones Newswires