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Sector Update: Energy

Energy shares are higher in late trading while crude oil surges to close with gains topping 3%. Light, sweet crude oil for December delivery finished up 3.2% to $102.59 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 2.91% to $39.56. The United States Natural Gas ETF ( UNG ) is down 1.91% to $7.69. Crude rose mainly because Enbridge ( ENB ) said it would use its purchase of ConocoPhillips ( COP ) Seaway Crude Pipeline System stake to loosen the oil bottleneck in the Midwest, according to several reports. In late-session energy news, ADRs of BP PLC ( BP ) are up 0.9%, as MarketWatch reports that attorneys for the U.S. government have charged BP with two violations of the company's criminal probation stemming from a 2009 oil spill on the Alaska tundra.

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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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