Shares of U.S.-traded oil and gas companies based in Asia and Australia traded lower on Monday as the U.S. dollar strengthened and the price of oil fell.
On the New York Mercantile Exchange, crude prices slipped after the dollar rallied against other major currencies. A stronger dollar helps ward off higher prices as investors shun commodities like oil as hedges against inflation.
Light, sweet crude for June delivery jumped briefly to a record $126.40 a barrel Monday before falling back to $124.50, down $1.19. The lower price marks a break from higher oil prices, which rose to new records for six days straight.
Asia- and Australia-based oil and gas ADRs headed lower following the news. PetroChina Co. shed 87 cents to $139.57.
Australia-based Santos Ltd. lost 68 cents to $67.49.
Hong Kong's CNOOC Ltd. fell $1.29 to $179.68.
China Petroleum and Chemical Corp. slipped 20 cents to $98.15.
The Bank of New York Asia ADR Index lost a fifth of a point to 162.45. Meanwhile, the broader Chinese ADR market fell after Chinese state media reported a 7.8-magnitude earthquake in Central China toppled buildings and schools and killed more than 8,700 people. The Bank of New York China ADR Index lost 2.38 points to 500.29.
The Bank of New York Composite ADR Index gained 1.25 points to 183.55. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
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