Energy Falls After Inflation Data — Energy Roundup

Shares of energy companies fell after inflation data.

The Federal Reserve’s preferred gauge of inflation, the personal consumption expenditure index, picked up in April, rising 4.4%.

Oil futures rose after the Baker Hughes tally of active oil rigs fell for the fourth straight week.

Oil major ConocoPhillips said it’s exercising a right to buy the remaining 50% interest in the Surmont oil-sands play from TotalEnergies EP Canada for $3 billion, plus contingent payments of up to $325 million.

Petróleo Brasleiro asked Brazil’s environmental agency to reverse a decision it made to block the state-controlled oil company from drilling a well off the northern coast.

Write to Rob Curran at rob.curran@dowjones.com

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