Shares of energy companies ticked up on hopes of improved demand.
Oil futures rose for the fifth straight session as optimism built about demand in China. The world's largest oil importer is undergoing a severe wave of Covid-19 infections, but investors are anticipating the outbreak to peak in the near future, opening the door to a resurgence in demand.
U.S. commercial inventories of crude oil unexpectedly rose by 19 million barrels to 439.6 million barrels, and are now about 1% above the five-year average, as the fallout continues from refinery shutdowns during last month's cold spell, according to data from the Energy Information Administration.
Natural gas futures hovered near 19-month lows amid more forecasts for mild weather in the U.S.
Commodities trader Trafigura Group struck a deal to exit a major joint-venture with Rosneft Oil in India, unwinding a relationship with Russia's energy giant.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-11-23 1734ET
