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Sector Update: Energy

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Energy shares are mostly lower in late trading as crude futures slip to close lower, closer to the $84-a-barrel mark. Light, sweet crude oil for March delivery finished down $0.49, or 0.6%, to $84.32 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.23% to $35.44. The United States Natural Gas ETF ( UNG ) is up 1.12% to $5.41. In late-session energy news, BP ( BP ) ADRs are higher even as investors in the British oil major accused the company of lying about its safety commitment and inflating company shares before the massive Gulf of Mexico oil spill last year, according to a Bloomberg report, citing an amended complaint. Meanwhile, shares of Exxon Mobil ( XOM ) are down as the oil major said its oil and gas reserve additions last year were double that of its production, Reuters reported.

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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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