Energy Up With Oil Futures as Saudi Arabia Hikes Prices -- Energy Roundup

Shares of energy companies rose slightly alongside oil futures.

Oil closed on the cusp of the $80-per-barrel level after Saudi Arabia raised prices for crude sold in Asia, its largest market, and as U.S. oil stockpiles amassed at a less marked level than anticipated. Commercial crude-oil stocks rose by 1.4 million barrels, to 448.5 million barrels, in the week ended March 1, and were about 1% below the five-year average for the time of year, the Energy Information Administration said.

Chevron is closing factories in Iowa and Wisconsin that make truck fuel out of soybeans, corn and animal fats, as regulatory shifts make the economics of the biofuel industry complicated.

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(END) Dow Jones Newswires

03-06-24 1734ET