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Sector Update: Energy

Energy shares are mixed while crude oil futures switch direction to trade higher at the session's half. Light, sweet crude oil for July delivery is trading up 0.72% at $99.64 a barrel. In energy ETFs, the United States Oil Fund (USO) is up 1..25% to $39.57. The United States Natural Gas ETF (UNG) is up 2.08% at $10.79. In mid-daynews, BP ( BP ) is higher after the oil major reached a settlement with MOEX Offshore 2007 LLC -- which had a 10% stake in the Macondo oil well -- over claims related to the Deepwater Horizon accident. BP said MOEX will pay $1.065 billion, which BP will immediately apply to the $20 billion trust it established in the wake of the disaster. In return, BP will indemnify MOEX for compensatory claims arising from the accident. MOEX is majority owned by Japan's Mitsui & Co. BP said the agreement is not an admission of liability by any party.

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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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