Energy Down As Middle East Fears Subside Somewhat - Energy Roundup
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, email@example.com
(END) Dow Jones Newswires
May 17, 2019 16:29 ET (20:29 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.