Shares of energy companies fell as investors hedged their bets on the sustainability of the recent rebound in energy prices.
Oil futures hit their highest level since early March Tuesday, but gave back some of the gains Wednesday amid fears that a vaccine would not come soon enough to prevent a second wave of Covid-19 infections in the U.S. and Europe from damaging fuel demand.
Exxon Mobil cut its expectations for future oil prices for each of the next seven years by 11% to 17% as part of an internal financial-planning process conducted this fall.
The number of rigs drilling for oil in the U.S. grew by 10 in the latest week to 241, according to oil-field services firm Baker Hughes.
Write to Rob Curran at email@example.com
(END) Dow Jones Newswires