Sector Update: Energy

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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 ( CVX ) 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 ( CLNE ) to Outperform from Market Perform.



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This article appears in: Investing , Commodities

Referenced Stocks: CLNE , CVX

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