Shares of energy companies rose sharply as oil futures rebounded.

Oil prices rose back above the psychologically significant $70 per barrel level but still slipped for the seventh consecutive week.

Hess shares rose even after reports the Federal Trade Commission was probing Chevron's $53 billion buyout deal for the oil explorer.

The FTC had previously opened a similar enquiry into Exxon Mobil's $60 billion deal to merge with Pioneer Natural Resources.

Write to Rob Curran at

(END) Dow Jones Newswires

12-08-23 1724ET