ADRs in Focus: Emerging markets oil and gas

Light, sweet crude for August delivery fell 23 cents to $135.81 a barrel in afternoon trading on the New York Mercantile Exchange. Prices wavered after the midmorning release of the inventory report and news that Iran test-fired missiles capable of reaching Israel.

Four oil ADRs fell in 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 Hong Kong's Cnooc Ltd. lost $3.77, or 2.2 percent, to $165.16, and shares of Brazil's Petrobras fell $1.40, or 2.3 percent, to $60.91.

Shares of PetroChina Co. shed $2.42 to $125.67, and shares of China Petroleum & Chemical Corp. decreased $1.36 to $93.73.

Bucking the trend, shares of South Africa's Sasol Ltd. gained $1.30, or 2.4 percent, to $55.90, and shares of Argentina's Petrobras Energia Participaciones SA gained 21 cents, or 4 percent, to $11.10.

The Bank of New York Mellon Emerging Markets ADR Index--which includes shares of companies based in China, Mexico, Brazil and more--fell 0.55 points to 330.21.

The Bank of New York Mellon Composite ADR Index gained 0.10 points to 163.72 as the U.S. markets fell in afternoon trading.