Sector Update: Energy

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Energy shares are higher in late trading as crude oil futures manage to climb and close above $108 a barrel. Light, sweet crude oil for May delivery finished up 1% to $108.15 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.3% to $42.99. The United States Natural Gas ETF ( UNG ) is up 3.06% to $11.13. In late-session energy news, BP plc ( BP ) shares are higher as Russia's Rosneft announced a share buyback as the company moves toward a $16 billion share swap deal, Reuters reports. Meanwhile, Kodiak Oil & Gas ( KOG ) says it is negotiating to contract a fourth rig for delivery in Q4. It controls a 40% to 50% working interest in wells being drilled by a non-operated drilling rig as part of its Dunn County, N.D. area of mutual interest with ExxonMobil ( XOM ).




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This article appears in: Investing , Commodities

Referenced Stocks: BP , KOG , UNG , USO , XOM

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As of 12/17/2014, 04:15 PM


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