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Sector Update: Energy

Energy shares are broadly lower as crude oil futures plunge to close down over 6% as the broader equities sell-off hit the sector. Light, sweet crude oil for November delivery finished down 6.3% to $80.51 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 5.44% to $31.12. The United States Natural Gas ETF ( UNG ) is down 0.48% to $9.31. In late-session energy news, shares of Chevron ( CVX ) are down while the San Francisco Business Times reports that the oil company received the green light from the Australian government for its Wheatsone liquefied natural gas project. Meanwhile, shares of Exxon Mobil ( XOM ) are down 4.2% while Reuters reports that Venezuela's energy minister has offered $1 billion to the company to compensate it for the 2007 nationalization of its assets.

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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