Sector Update: Energy
Energy shares are lower as crude oil futures continue last week's slide to trade below $98 a barrel amid concerns over what is seen as a sputtering economic recovery. Light, sweet crude for July delivery traded down 1.73% to $97.59 a barrel. In energy ETFs, the United States Oil Fund (USO) is down 2.05% to $38.46. The United States Natural Gas ETF (UNG) is down 2.73% at $11.75. In mid-day news, Kodiak Oil & Gas ( KOG ) says its operations were adversely impacted by breakup from a record winter snowfall, sustained heavy rainfall and periods of flooding throughout Q2. Certain state highways and counties have imposed intermittent road restrictions on heavy trucks, causing limited trucking, which has resulted in some of the company's wells being shut-in due to the inability to transport oil.
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