Sector Update: Energy Shares Advance as Crude Futures Near $89 a Barrel; GE Gets Oil Services Contract in Saudi Arabia
NYMEX Benchmark Crude January: +$0.24 (+0.27%) to $88.80
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Energy shares are higher in mid-day trading as crude oil futures near $89 a barrel and General Electric ( GE ) wins a $500 million oilfield services contract.
Crude oil for January delivery is trading up $0.24, or 0.27%, at $88.80 a barrel. In other energy futures, heating oil is up 0.39% to $2.47 a gallon while natural gas fell 3.14%, to $4.28 per million British thermal units.
The U.S Dollar Index (DXY) is down 0.06% to $79.24.
In mid-day energy sector news, shares of General Electric are higher as the company won a $500 million in a services and equipment contract from Saudi Aramco in a project that will increase oil production from that country's Shaybah oil deposit, the company said in a statement.
The contract will allow the capacity from the deposit to be boosted by 1 million of barrels a day.
General Electric shares are up $0.06, or 0.34%, to $17.68.
Meanwhile, shares of Yingli Green Energy ( YGE ) are higher in the regular session after the company announced before the market opened that it has entered into a three-year sales contract with S.A.G. Solarstrom AG, a manufacturer, independent developer and system integrator in the solar power and solar investment market in Europe.
Yingli Green shares are up 0.68%, or $0.07, to $10.36.