Shares of energy companies rose, recouping early losses as concerns about a gross-domestic product report moderated.
Initially, traders feared that signs of slowing economic growth and accelerating inflation hinted at a nightmare "stagflation" scenario where inflation and interest rates would remain stubbornly high, even during a recession.
Traders appeared to grow more confident that the data was a blip as the session wore on. U.S.-traded oil futures rose 0.9% to $83.57 a barrel, after trading as low as $81.99.
Medium-term geopolitical risks appear priced in and without any supply disruption, the market's focus has switched to "increasingly bearish near-term fundamentals," analysts at Citi Research say in a note.
A slide in natural-gas futures continued after a reported buildup in stockpiles.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-25-24 1724ET
