Energy Down As Middle East Fears Subside Somewhat - Energy Roundup

05/17/19 04:29 PM EDT

Shares of energy companies fell alongside oil futures as fears of a military conflict in the Middle East subsided somewhat. Oil prices are likely to move higher if Iran carries through threats to close the Strait of Hormuz, according to sovereign-debt strategists at Moody's Investors Service, as reported earlier. Singapore sovereign-wealth fund GIC bought a stake in Waterbridge Resources in a deal valuing the Houston handler of oil-drilling wastewater at nearly $3 billion including debt. The Baker Hughes tally of active U.S. oil rigs showed a drop of three to 802 last week, extending a series of declines and alleviating concerns about stockpile buildups.

 

-Rob Curran, rob.curran@dowjones.com

 

(END) Dow Jones Newswires

May 17, 2019 16:29 ET (20:29 GMT)

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