Sector Update: Energy Down as Oil Prices Fall on China Worries

By Staff,

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Dow Jones U.S. Oil & Gas Index: 478.23 Monday regular session close

NYMEX Benchmark Crude: -1.34 (-1.64%) to 80.18

Top Energy Stocks

XOM: -0.86%

CVX: -1.00%

SLB: -1.20%

OXY: 0.00%

COP: -1.59%

Energy issues are broadly lower before the bell as oil prices are falling on worries about the Chinese economy. India's Oil and Natural Gas Corp ( ONGC ) is looking to join forces with Russia's OAO Rosneft ( ROSN ) to bid jointly for the Trebs and Titov fields in the Arctic north, according to Russian daily Vedomosti. Neither company has confirmed the report. Delta Petroleum Corp ( DPTR ) reported its second quarter loss shrinking on the back of higher rig utilization and favorable pricing. The independent oil and gas group also sees production increasing to 7.2 billion cubic feet equivalent from 6.9 bcfe in the latter half of the fiscal year after accounting for sale of non-core assets to Wapiti Oil & Gas LLC in July. As for Canada's TransAtlantic Petroleum Ltd ( TNP ), it reported its second quarter loss widening as total costs and expenses nearly tripled from a year ago.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: DPTR , ONGC , ROSN , TNP

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