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 (
), 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 (
) is reportedly initiated with an Outperform at Rodman &
Renshaw. The firm's price target is $6.
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