Emerging markets oil and gas ADRs were mixed during intraday trading Tuesday, even as crude prices soared to an all-time high as the dollar fell and supply concerns grew.
Light, sweet crude for May delivery gained $1.70 to $119.18 a barrel during intraday trading on the New York Mercantile Exchange. Prices set a new trading record of $119.90 earlier in the session.
Commodities tend to be seen as a hedge against inflation and Tuesday the U.S. dollar fell to a new low against the euro. Also, a Royal Dutch Shell PLC joint venture has moved to protect itself against litigation if it cannot meet contracts due to a pipeline attack last week.
The jump in crude prices did not fuel a spike in shares of oil ADRs during the session. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Shares of Brazil's Petrobras dropped $1.32 to $127.50, after earlier hitting a fresh 12-month high of $130.92. Meanwhile, shares of Hong Kong's CNOOC Ltd. fell $2.63 to $176.88, and shares of PetroChina Co. gained $2.44 to $137.49.
Elsewhere, shares of China Petroleum & Chemical Corp. shed $1.79 to $98.83 and shares of South Africa's Sasol Ltd. jumped $1.07 to $59, after hitting a 52-week high of $59.87 earlier in the period.
Shares of Argentina's Petrobras Energia Participaciones SA slid 22 cents to $13.03.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ lost 4.27 points to 367.43. The Bank of New York Composite ADR Index fell 2.22 points to 179.08 as the U.S. markets fell in afternoon trading.
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