Oil cos fall as Shanghai lockdown weakens demand

Viking Global Technologies

28/03/2022 13:15

** Shares of energy companies fall, tracking crude prices,
as lockdown measures in China's financial hub Shanghai to curb
rising COVID-19 cases stoke fears about demand disruption
 urn:newsml:reuters.com:*:nL2N2VV05U  urn:newsml:reuters.com:*:nL2N2VU0KE
    ** Prices were also weighed by hopes for progress in peace
talks between Russia and Ukraine  urn:newsml:reuters.com:*:nR4N2V704V
    ** Brent crude  LCOc1  futures were down $4.53, or 3.7%, at
$116.12/bbl at 0943 GMT (0543 ET); WTI crude  CLc1  futures were
down $4.55, or 3.9%, at $109.35
    ** United States Oil ETF  USO.P  and ProShares Ultra
Bloomberg Crude Oil ETF  UCO.P  slump 3.9% and 5.8%,
respectively
    ** Oil majors Chevron  CVX.N  and Exxon Mobil  XOM.N  fall
~1.5% each
    ** Producers Occidental Petroleum  OXY.N , Coterra Energy
 CTRA.N , APA  APA.O , Devon Energy  DVN.N  and Conocophillips
 COP.N  drop 1.1%-2.5%
    ** Oilfield services firms Schlumberger  SLB.N , Halliburton
 HAL.N  and Baker Hughes  BKR.O  lose 0.8%-1.7%
    ** Refiners Valero Energy  VLO.N , Phillips 66  PSX.N , PBF
Energy  PBF.N  down 1.0%-1.9%

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))