Shares of energy producers declined alongside oil futures amid fears that a glut of oil would persist. The U.S. oil rig-count rebounded after its first decline in months last week, adding 7 rigs in the latest week to 763, its highest level since April 2015, according to Baker Hughes. The oil-price selloff Friday was initially triggered by the dollar's reaction to a strong employment report but the reason that prices are wallowing in the low $40s goes back to persistent oversupply.
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(END) Dow Jones Newswires
July 07, 2017 16:44 ET (20:44 GMT)