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HOLD Sector Update: Energy

Energy shares have lost earlier gains in mid-day trading as crude oil futures fell amid reporters traders were reducing their exposure to risk assets on threats of downgrades by major credit ratings agencies in Europe, and the death of North Korean leader Kim Jong . Shares of Diamond Offshore Drilling ( DO ) are lower as the company was downgraded to Underweight from Equalweight at Barclays. Meanwhile, Exxon Mobil ( XOM ) shares have lost earlier gains as Bloomberg reports that the U.S. oil major appointed HSBC Holdings ( HBC ) to advise on a $5 billion elastomers project at Jubail in Saudi Arabia, the Middle East Economic Digest reported.

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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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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