Shares of energy producers rose after a reported drawdown in U.S. supplies. The U.S. Energy Information Administration reported that U.S. oil stockpiles fell by 7.2 million barrels last week -- well above the 2.6 million barrel drop that analysts surveyed by The Wall Street Journal had predicted, if short of the estimate produced by the American Petroleum Institute. Market participants view the declines in recent inventory stocktakes as further evidence that U.S. shale producers are no longer in expansion mode. In the immediate wake of the Organization of the Petroleum Exporting Countries' production cuts, U.S. inventories swelled as shale producers readied for higher prices. But the volatility in prices since then seems to have slowed production once more.
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(-By Rob Curran, email@example.com)
(END) Dow Jones Newswires
July 26, 2017 16:35 ET (20:35 GMT)