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Energy Climbs As Oil Rally Hits Record 9th Week -- Energy Roundup

10/22/2021 | 04:26pm EST

Shares of energy companies rose as a spike in energy prices looked set to continue.

Oil futures closed above $83 a barrel in New York, registering their ninth straight weekly increase, the longest such winning streak on record.

Natural gas futures fell for the third straight week, but remain up sharply for the year to date.

Saudi Arabia is preparing to push back on likely recommendations at the upcoming COP26 summit in Glasgow that wealthy nations cut investment on hydrocarbon-based energy production.

Shares of oil-field services company Schlumberger rose after it reported a swing to profit in the third quarter, as its North America and international geographies drove revenue growth in the period.

The number of rigs drilling for oil in the U.S. fell by two in the latest week to 443, according to oil-field services company Baker Hughes.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-22-21 1625ET

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