Markets

Sector Update: Energy

Energy shares are lower in mid-day trading while crude oil futures slump over 2% through the first half of the session. Weekly government data showed a surprise decline in oil supplies. The Energy Information Administration said crude stockpiles fell 6.2% while Platts analysts had expected inventories to remain unchanged. That moderated crude declines, but the January contract was still lower. Light, sweet crude oil for January delivery traded down 2.3% to $95.78 a barrel. In mid-day energy news, ADRs of Royal Dutch Shell (RDS.A) are down while Bloomberg the oil company is ahead in the hunt for oil reserves in the Arctic - thought to have the equivalent of a fifth of proven global reserves, according to investment bank Sanford Bernstein.

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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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