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Sector Update: Energy

Energy shares are higher in late-session trading while crude oil futures stage a strong rally to close 3.4% higher. Light, sweet crude oil for September delivery finished up 3.4% to $85.72 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 4.72% to $33.28. The United States Natural Gas ETF ( UNG ) is up 3.17% at $10.42. In late-session energy news, Chevron ( CVX ) shares are reportedly upgraded to Outperform from Perform at Oppenheimer. Oppenheimer's price target for Chevron is $110. Meanwhile, shares of Exxon Mobil ( XOM ) are higher after shares were halted briefly. According to a MarketWatch report, the Nasdaq said the oil refiner's shares took a five minute break from trading. The report questioned whether a trading glitch was responsible/ FactSet reported that there was a trade of $63.47, which would have been a near 7% drop in the stock.

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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