Energy shares are higher as the last hour of the regular session
gets underway and crude oil futures gain over 2% helped, in part,
by mixed economic data. The Commerce Department released data this
morning showing US retail sales fell 0.2% last month to $387.1
billion, according to the Commerce Department this morning. The
data showed the first decline after 11 straight months of gains.
But figures still topped economists' call for total sales to fall
0.7% in May, according to a MarketWatch. Without a 2.9% drop in
motor vehicle sales, retail sales increased 0.3%. Light, sweet
crude oil for July delivery finished up 2.1% to $99.37 a barrel. In
energy ETFs, the United States Oil Fund (USO) is up 2.3% to $39.14.
The United States Natural Gas ETF (UNG) is down 1.19% at $11.64. In
late-session energy news, BreitBurn Energy Partners (
), an independent oil and gas partnership, today announced signing
a definitive agreement towards the acquisition of oil properties in
Niobrara County, Wyoming, for $58.1 mln subject to customary
closing conditions and purchase price adjustments from the
effective date of July 1.
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