Shares of energy producers rose alongside oil futures after a U.S. inventory report showed depleted stockpiles.
The U.S. Energy Information Administration said crude-oil inventories fell 3.3 million barrels last week, roughly in line with the 3.1 million-barrel drop anticipated by analysts and traders surveyed by The Wall Street Journal.
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In a development that quelled fears about gasoline demand, gasoline stockpiles fell by 1.2 million barrels, exceeding the 500,000-barrel drop expected by analysts. "There was nothing in the report that said we need to sell this market," said Mark Anderle, director of supply and trading at TAC Energy, as reported earlier.
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(END) Dow Jones Newswires
August 23, 2017 16:38 ET (20:38 GMT)