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Sector Update: Energy Shares Broadly Lower; Crude Slips Below $98 a Barrel

By: MT Newswires
Posted: 12/12/2011 3:31:00 PM
Referenced Stocks: COP;FCEL

NYMEX Benchmark Crude January: (-$1.48) to $97.94

Top Energy Stocks

XOM: -2.2%

CVX: -2.2%

COP: -2.6%

SLB: -4.1%

OXY: -3.5%

Energy shares are broadly lower while crude oil futures slide to trade down below $98 a barrel.

Light, sweet crude oil for January delivery traded down $1.48 to $97.93 a barrel.

FuelCell Energy ( FCEL ) was up 14.7% after earlier announcing a partnership agreement with Spanish conglomerate Abengoa S.A. to develop localized stationary fuel cell power plants for markets in Europe and Latin America.

Meanwhile, shares of ConocoPhillips ( COP ) are down while Reuters reports the U.S. oil major made a find of natural gas in the southern North Sea but that further tests are needed to determine if it is worth developing.

COP shares are down 2.6%