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Energy Shares Up Even as Oil Prices Slip -- Energy Roundup

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07/12/2018 | 10:53pm CEST

Shares of oil-and-gas companies edged higher even as oil prices extended declines after crude benchmarks posted steep losses a day earlier on reports that Libya would resume exports and escalating worries over U.S.-China trade. The slide in prices follows a period during which the oil market had posted a dramatic rally on worries of a supply shortage. Earlier this week, both Brent and WTI had traded near multiyear highs. The International Energy Agency Thursday warned that global oil outages may push spare production capacity to the limit, hinting it would be ready to tap its emergency supplies if needed. Meanwhile, the U.S. Energy Information Administration reported that domestic supplies of natural gas rose by 51 billion cubic feet for the week ended July 6. Market consensus had called for a rise just shy of 60 billion cubic feet, according to Schneider Electric. In corporate news, ConocoPhillips said it will expand its share buyback program for 2018 and said it paid down $2.1 billion of debt in the second quarter, reaching its $15 billion target. ([email protected])

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