Energy shares are higher in late trading while crude oil futures
stage a strong rally to top $97 a barrel by the close of trading at
the New York Mercantile Exchange. Light, sweet crude oil for August
delivery finished up 2.4% to $97.43 a barrel. In energy ETFs, the
United States Oil Fund (USO) is up 2.31% to $38.15. The United
States Natural Gas ETF (UNG) is up 1.21% at $10.91. In late-session
energy news, shares of Chevron (
) are higher in late trading as Reuters reports the US oil major
said it expects to begin drilling its first deepwater well off the
Liberian coast in the fourth quarter. Last year, the government of
Liberia, a West African nation, approved Chevron's investment in
the blocs off the coast. Meanwhile, Northland reportedly upgraded
Clean Energy (
) to Outperform from Market Perform.
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