Shares of energy companies surged alongside oil futures, amid worries about war on the eastern edge of Europe.
Oil futures rose 6.2% for the week to $83.82 a barrel, within 1% of a multiyear high, as rising tensions between Russia and Ukraine boosting concerns over a potential disruption to global crude supplies.
On Friday, Russia began moving tanks and other military equipment westward toward Ukraine from its Far East bases as negotiations over the crisis appeared to stall, The Wall Street Journal reported.
The number of rigs drilling for oil in the U.S. rose by 11 to 492 in the latest week, up sharply from 2021 lows but still well shy of the 700 active prior to the onset of the pandemic, according to the latest tally from oil-field services company Baker Hughes.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-14-22 1631ET
