Sector Update: Energy

By Staff,

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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.

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: SNP , UNG , USO , XOM

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