Energy Sector Update for 11/20/2017: XOM, CVX, COP, SLB, OXY, ESTE, TNK

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Top Energy Stocks:

XOM: -0.4%

CVX: flat

COP: -0.2%

SLB: -0.3%

OXY: flat

Energy shares were lower ahead of Monday's opening bell prior to a meeting of the Organization of the Petroleum Exporting Countries and other producers including Russia, which are expected to discuss more production cuts to address the global glut in oil supplies.

Last Friday, Baker Hughes reported that the number of US rigs drilling for oil was unchanged at 738, having risen by nine the previous week.

Light, sweet crude oil for December delivery was up 0.7% at $56.17 per barrel. In other energy futures, heating oil was down 1.1% at $1.93 per gallon while natural gas was down 1.6% at $3.14 per 1 million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.7% at $11.27 while the United States Natural Gas ETF ( UNG ) was down 2.8% at $6.22.

In energy sector news, Teekay Tankers ( TNK ), a provider of marine transportation, said Friday that its shareholders have approved the company's charter amendment in connection with a proposed merger with Tanker Investments Ltd. The merger is expected to close on or about Nov. 27, subject to the completion of the remaining closing conditions.

In other sector news,

ESTE (flat) Sells Bakken assets for $27 million.

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

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This article appears in: Investing , Energy
Referenced Symbols: USO , UNG , TNK , XOM , CVX

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