Shares of oil and gas companies fell alongside the price of oil, which gave back some of its recent gains. Prices had closed at a fresh three-year high above $61 a barrel Thursday, after a reported drop in U.S. stockpiles and risks associated with antigovernment protests in Iran. Some analysts have warned that the likely market impact of those protests is overstated, although risks that the U.S. would reimpose sanctions are likely rising. The weekly Baker Hughes tally of active U.S. oil rigs showed a drop of five to 742, suggesting the uptick in oil prices hasn't brought a rush of shale-oil drillers into the oilfield.
-Rob Curran, firstname.lastname@example.org
Continue Reading Below
(END) Dow Jones Newswires
January 05, 2018 16:21 ET (21:21 GMT)