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Sector Update: Energy

Energy issues are narrowly mixed before the bell, while oil prices are weaker as investors eye the G-20 meeting in Toronto. BP ( BP ) hit a 14-year low in London trade and is down over 3.5% on the NYSE pre-market as speculation grows that the company will need to raise capital to cover costs from the Gulf of Mexico spill. Russia's OAO Lukoil ( LUKOY ) allocated $5 billion to finance Iraq's Qurna-2 project. Drilling is expected to begin next year and oil output may start by 2013, with recoverable reserves reaching about 12.9 billion barrels. Meanwhile, Russian investment group Renaissance Capital established an oil and natural gas merger and acquisition company called Renaissance JMW Energy to advise clients worldwide. The new company will be working together with the former chairman of Waterous & Co., Jeffrey Waterous. Brent crude is down 0.3% at $76.28 a barrel on NYMEX.

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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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