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Sector Update: Energy

Energy shares are higher in the last hour of trading as crude oil futures accelerate gains to close above $84 a barrel. Light, sweet crude oil for October delivery finished up 2.3% to $84.12 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.93% to $32.74. The United States Natural Gas ETF ( UNG ) is down 1.61% at $9.76. In late-session energy news, ADRs of Royal Dutch Shell (RDS.A) are higher in afternoon trade as Bloomberg reports that the European oil major plans to remove oil that is still in a damaged pipeline in the North Sea. Divers for Shell closed the plaform flow line off Scotland on August 19th, the report noted. The company had originally spotted the leak on Aug. 10. Meanwhile, energy companies are getting a boost from reports that Libyan rebels are close to capturing the city of Tripoli and effectively ending the rule of Muammar Qaddafi. Oil production in Libya has been shut during the rebellion in the country.

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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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