Energy Down Sharply as Oil Futures Slide on Week -- Energy Roundup

Shares of energy companies fell sharply as oil futures continued their retreat.

Oil futures fell 12% for the week, the largest weekly loss for the U.S. benchmark contract in more than eight months, after extending its losing streak to six straight sessions Friday.

Volatility in oil prices is set to extend after President Putin said Russia could cut its oil production, which would be their response to the G7 price cap over Russian crude.

French oil major TotalEnergies plans to book a $3.7 billion impairment on its stake in Russian gas producer PAO Novatek and withdraw its directors from its board.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

12-09-22 1744ET