Shares of oil-and-gas companies fell after another increase in the tally of active U.S. oil rigs. The U.S. oil-rig count rose by 12 in the week ended Jan. 19, bringing the total to 759, the highest since August, according to Friday's weekly survey from oil-services firm Baker Hughes.
In recent weeks, oil futures have hit multiyear highs because of the sense that years of oversupply was giving way to a more evenly balanced global oil market.
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Exxon Mobil plans to spend $50 billion on its operations in the U.S. in the next five years, investments the oil giant said were "enhanced" by the American tax bill.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 29, 2018 16:20 ET (21:20 GMT)