Shares of energy companies sank.
Oil futures lost ground as a rising U.S. oil rig-count and the reported end of a Norway oil workers strike could raise output and keep supplies robust amid weak demand from coronavirus.
The number of active oil-targeting rigs in the U.S. rose for a third straight week to the highest level in nearly four months, according to data from oilfield services company Baker Hughes. The active oil-rig count climbed by four in the latest week to 193, Baker Hughes said. That's far below the nearly 700 oil rigs operating in the U.S. at the end of last year before the coronavirus pandemic began, but it's the highest since the week ended June 12, and could suggest a bottom has been reached.
Investors also expressed concerns that offshore oil producers that bullishly cut production rates due to Hurricane Delta will soon begin ramping up output to make up for the down time.
Natural gas prices ended at their highest level since Nov. 8 as a narrowing storage surplus and production-cuts due to Hurricane Delta spark a shopping spree for the commodity.
Write to Amy Pesseto at amy.pesseto@dowjones.com
(END) Dow Jones Newswires
10-09-20 1727ET
