Sector Update: Energy

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Energy shares are sharply lower as the last hour of the regular session gets underway as fear about slackening demand dominates investors' attention. Light, sweet crude oil for August delivery finished down 4.6% to $91.02 a barrel. In energy ETFs, the United States Oil Fund (USO) is down 3.67% to $35.74. The United States Natural Gas ETF (UNG) is down 2.74% at $10.66. In late-session energy news, shares of refiners are lower as the International Energy Agency said this morning that it is releasing 60 million barrels of oil over the next month to ease the effects of shortages from a decline in Libyan output, Barron's noted. Refiners are lower, including Valero Energy ( VLO ), which is down 2.2%, or $0.53, to $24.41. CVX is down 3.3%. XOM is down 3.1%. COP is down 2.1%. Meanwhile, Orion Energy Systems ( OESX ) is reportedly initiated with an Outperform at Rodman & Renshaw. The firm's price target is $6.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: OESX , VLO

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