Energy stocks fall with oil as US weighs release

Energy stocks fall with oil as US weighs release

Stocks















Bloomberg

Energy stocks dropped with oil prices as investors weighed reports that the Biden administration is considering a massive release of crude from US reserves to fight inflation.

Stocks in Europe are set for the first quarterly decline since 2020. Shares in big US energy companies declined in premarket trading, while index futures mostly advanced, Treasuries held gains and the dollar ticked up.

Reports that Washington is preparing a plan to release roughly a million barrels of oil a day helped reverse a

rebound in crude. French inflation accelerated more than expected to reach another record, following unexpectedly high readings from

Germany and Spain.

Officials from Ukraine and Russia are set to resume talks via video conference on Friday, according to a Ukrainian negotiator, though

there was no immediate

confirmation from Moscow.

Shares in Exxon Mobil Corp., Chevron Corp. and Occidental Petroleum Corp. declined in premarket trading. Brent prices dropped 4.3% and West Texas Intermediate was down 4.9%.

Russian equities advanced as the nation partly lifted the short-selling ban on local stocks on Thursday, removing one of the measures that helped limit the declines in the market after a record long shutdown.

Global stocks are on