Shares of oil and gas companies fell after a long run-up, but pared declines after another report of dwindling U.S. inventories.
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On Thursday, the U.S. Energy Information Administration reported that the amount of crude oil in storage declined by 6.9 million barrels in the week ended Jan. 12, exceeding analyst expectations on average for a 2.3 million barrel draw. "Presto, change-o: the U.S. oil glut has disappeared," said Phil Flynn, senior market analyst at the Price Futures Group, in a note to clients. "Low oil prices and a booming global economy has caused the biggest oil glut in history to disappear before your very eyes."
British oil giant BP will return to northern Iraq for the first time since Islamic State swept through the region three years ago, potentially heralding a new era of stability in one of the world's most dangerous energy-production provinces.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
January 18, 2018 16:31 ET (21:31 GMT)