Shares of oil and gas companies fell as traders feared that rising gasoline inventories would stall demand for U.S. oil for a second straight year. While oil inventories declined in the Energy Information Administration's latest report, gasoline stockpiles unexpectedly rose by 1.5 million barrels. Last year, a glut of gasoline caused refiners to go on a diet, cutting their purchases of crude and sending oil prices lower. Exxon Mobil has applied to the Treasury Department for a waiver from U.S. sanctions on Russia in a bid to resume its joint venture with state oil giant Rosneft, The Wall Street Journal reported.
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(END) Dow Jones Newswires
April 19, 2017 16:12 ET (20:12 GMT)