Shares of oil-and-gas companies rose as oil futures hit their highest levels of 2016, supported by a weaker dollar. "The supply glut is still dire," said Avtar Sandu, commodities manager at Phillip Futures. "We might see a sharp correction in the market soon." BP posted a second-straight quarterly loss as the costs of the Gulf of Mexico oil-spillage disaster and lower commodity prices continue to weigh on the British oil major. (rob.curran@dowjones.com)

(END) Dow Jones Newswires

April 26, 2016 16:14 ET (20:14 GMT)

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