ADRs in Focus: European oil ADRs climb on higher oil prices
NEW YORK—Shares of European oil and gas companies that trade in the U.S. climbed on Friday as the price of oil edged higher on the New York Mercantile Exchange.
Light, sweet crude for June delivery rose $3.80 to settle at $116.32 a barrel after Turkish airstrikes on Kurdish rebels in Iraq heightened investors concerns over oil supply.
Shares of companies that produce crude often trade in tandem with oil prices.
ADRs of Britain's BP PLC gained 31 cents to $72.22. Italy's ENI added $1.99, or 2.6 percent, to $77.94. Royal Dutch Shell PLC climbed 47 cents to $80.18.
Spain's Repsol SA rose $1.19, or 3 percent, to $41.38. Norway's Statoilhydro ASA climbed $1.46, or 4.1 percent, to $37.07. France's Total SA advanced 92 cents to $84.05.
Shares of U.S.-based oil companies also made gains on Friday. The Amex Oil Index added 20.43 points to 1,490.14.
The broader European ADR market ended higher, with the Bank of New York Europe ADR Index rising 1.10 points to 180.04.
The Bank of New York Composite ADR Index advanced 1.63 points to 185.03.
ADRs, or American Depositary Receipts, are securities that allow foreign companies to trade on U.S. markets.
