BUZZ-Oil companies fall as potential US-Iran nuclear deal stoke oversupply concerns

Reuters
05-15
BUZZ-Oil companies fall as potential US-Iran nuclear deal stoke oversupply concerns

** U.S.-listed shares of oil companies fall premarket, with crude prices dipping by more than $2/bbl

** Crude prices decline on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply O/R

** Brent Crude futures LCOc1 down 3.86% at $63.54/barrel, while U.S. West Texas Intermediate $(WTI)$ crude CLc1 slips 4.12% to $60.55/barrel

** Energy majors Chevron CVX.N and Exxon XOM.N fall 1.4% and 1.5%, respectively

** Oil and gas producers ConocoPhillips COP.N, Occidental Petroleum OXY.N, APA Corp APA.O and Devon Energy DVN.N decline between 2% and 3%

** Top oilfield service companies Halliburton HAL.N and SLB SLB.N each down ~2%

** So far this year, WTI crude has fallen about 12%, while Brent is down 11.5%

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

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