Shares of energy companies gained as oil futures recovered from the previous day's fall.

The West Texas Intermediate crude contract rose 1.8% after the International Energy Agency maintained its bearish demand outlook, reiterating expectations of demand growth of 1.2 million barrels a day this year against projected supply growth of 1.7 million barrels a day.

Occidental Petroleum shares rose 4.9% on the back of better-than-expected fourth-quarter earnings and on reports that Warren Buffett's Berkshire Hathaway increased its stake in the company by 8.74%.

Berkshire also increased its multibillion-dollar stake in Chevron to more than $18 billion, and shares rose 3.4%.

Shares of ProFrac Holding were up 9.1% after the energy-services company said its proppant production segment Alpine Silica Holding filed confidentially for an initial public offering.

Write to Mary de Wet at

(END) Dow Jones Newswires

02-15-24 1858ET