Shares of energy companies fell sharply as oil futures gave back some recent gains in the wake of President Donald Trump's inauguration speech.

Trump vowed to tap more U.S. oil resources, which spurred a selloff in oil due to anticipation of increased supply. Trump embraced the "drill, baby, drill" approach, and will likely open up offshore drilling in more federal waters.

Trump also ordered the withdrawal from the Paris Agreement, an Obama-era international compact that aims to combat climate change.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-21-25 1739ET