Shares of energy companies rose after a surprisingly strong U.S. jobs report.
The U.S. added 531,000 workers to payrolls in October, the biggest gain in three months, according to the Labor Department. The accelerated pace of jobs growth and signs of increased travel activity spurred bets on rising fuel demand heading into the holiday season.
Natural gas prices rose 3.6% on the week for their first weekly increase in five weeks. The number of rigs drilling for oil in the U.S. climbed by six in the latest week to 450, the largest tally in nineteen months, according to oil-field services company Baker Hughes.
Shares of Petro Rio soared after the company said its consortium was chosen by state oil giant Petrobras for exclusive negotiations on the purchase of Petrobras's Albacora and Albacora II oil fields.
The International Maritime Organization is mulling a new tax on shipping to help build a global network of alternative fuel stations for vessels and subsidize developing countries facing higher export costs.
Globally traded Brent crude oil fell slightly on a volatile week, amid rumors that the U.S. would tap its strategic reserve in response to a refusal from OPEC+ to change its production plans.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-05-21 1624ET
