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Energy Down After Inventory Data Drives Fuel-Demand Fears — Energy Roundup

Shares of energy companies fell after a report suggested fuel demand has dwindled during the latest wave of Covid-19 infections in the U.S.

Oil futures fell for the first time in seven sessions, ending down 0.6% at $52.91 a barrel after the Energy Information Administration reported an unexpectedly large buildup in gasoline stockpiles.

A rotation out of the technology sector into energy and other areas has spurred a rebound in some of the largest oil companies, which have faced an investor backlash in recent months. Exxon Mobil shares rose, bringing their gains over the last eight sessions to roughly 17%, in the longest winning streak for more than 15 months.

Iran has taken a new step toward possible atomic-weapons production, United Nations inspectors said in a confidential report, starting work on an assembly line to manufacture a key material at the core of nuclear warheads and raising the stakes in Tehran's standoff with Washington ahead of President-elect Biden's inauguration.

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

(END) Dow Jones Newswires

January 13, 2021 16:43 ET (21:43 GMT)

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