Sector Update: Energy


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Energy shares are higher in mid-day trading while crude oil futures maintained positive territory into the close to end just below $99 a barrel. Light, sweet crude oil for December delivery finished up 1.2% to $98.99 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.98% to $38.09. The United States Natural Gas ETF ( UNG ) is down 0.96% to $8.28. In late-session energy news, ADRs of China Petroleum & Chemical ( SNP ) - known as Sinopec - are higher while Bloomberg reports that the refiner agreed to purchase a 30% stake in Galp Energia's unit in Brazil. The investment is Sinopec's second in offshore oil fields there in two years, the report said. Meanwhile, shares of Exxon Mobil ( XOM ) are higher while the oil major reportedly signed a deal to explore for oil in Kurdistan, according to a MarketWatch report.

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This article appears in: Investing , Commodities
More Headlines for: SNP , UNG , USO , XOM

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