Shares of energy companies rose alongside oil futures.

Oil prices closed in New York near the highs of the year, at $78.87 a barrel, after a surprisingly strong reading of Chinese energy demand, and as Israel and Hamas threw cold water on U.S. President Joe Biden's talk of an imminent cease-fire.

Chevron warned investors that Exxon Mobil and China's CNOOC are asserting they have a right to pre-empt the company's bid for a stake in a prolific oil project off Guyana, an emerging dispute that could derail Chevron's megadeal for Hess.

Write to Rob Curran at

(END) Dow Jones Newswires

02-27-24 1715ET