Sector Update: Energy

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Energy shares are higher as the last hour of the regular session gets underway and crude futures managed their first finish above $90 a barrel in over a month. Light, sweet crude oil for October delivery finished up 2.3% to $90.21 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.58% to $34.97. The United States Natural Gas ETF ( UNG ) is up 1.98% to $10.03. In late-session energy news, shares of Chevron ( CVX ) are down while Reuters reports that the oil major shut a crude oil pipeline off the Louisiana coast after a leak related to equipment failure. Also, Hercules Offshore ( HERO ) said Tuesday that it has acquired an additional 6.1 million shares of Discovery Offshore S.A., a company focused on the ownership of high-specification jackup rigs, at an average price of NOK 9.02 per share, or $1.62 per share, according to recent exchange rates.



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This article appears in: Investing , Commodities

Referenced Stocks: CVX , HERO , UNG , USO

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