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Sector Update: Energy

Energy futures finished trading lower as crude oil futures backed off their prior-session close to finish under $87 a barrel. Light, sweet crude oil for October delivery finished down 2.8% to $86.45 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 2.52% to $33.60. The United States Natural Gas ETF ( UNG ) is down 4.47% to $9.73. In late-session energy news, Chevron ( CVX ) shares are down in afternoon trading as the oil major said it had shut down some of its oil and gas production in the Gulf of Mexico and was evacuating workers from offshore facilities, according to a Reuters report. Meanwhile, ADRs of BP are down 3.28% to $36.55 after Halliburton ( HAL ) says it is filing claims against BP in Texas state court for negligent misrepresentation, business disparagement and defamation related to the April 20, 2010, Macondo incident. Halliburton has also moved to amend its claims against BP in the multi-district litigation in New Orleans, Louisiana, to include fraud.

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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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