Shares of energy producers rose alongside oil futures as the dollar weakened against other currencies. All other things being equal, a weaker dollar drives up the price of oil because it's traded worldwide but denominated in the greenback. In a sign that oversupply concerns may linger, however, the Baker Hughes rig count edged up against in the latest week, with an increase of two rigs to reach a tally of 765 nationwide. A new survey from the Federal Reserve suggests that Oklahoman oil and gas producers require an average $56 a barrel to warrant an expansion of activity. The majority of local producers do not anticipate oil hitting those levels for at least two years.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
July 14, 2017 16:21 ET (20:21 GMT)