Crescent Energy Gains About 10%; Oil Futures Rise on Supply Concerns

Crescent Energy shares gained about 10% Friday, Oct. 16, and the move coincided with advances in crude and U.S. energy stocks as major U.S. indexes fell. Brent reached $110 intraday, its highest level since May 19, before settling at $109.86, up $3.94, or 3.7%. West Texas Intermediate (WTI), the U.S. benchmark, ended at $101.41 a barrel, a rise of $3.44, or 3.5%. Oil trading reflected renewed concerns about Middle East supply and uncertainty around Russian diesel shipments. The S&P 500 energy index was up 1.8% at 11:46 a.m. ET (15:46 UTC). U.S. commercial crude inventories, excluding the Strategic Petroleum Reserve, fell by 8.6 million barrels in the week ended Oct. 9 to 415.6 million barrels, 3% below the five-year average. Crescent operates in the Eagle Ford, Permian and Uinta basins.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to TokenPost.