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Sector Update: Energy Shares Broadly Lower; Crude Futures Plunge Over 6%

NYMEX Benchmark Crude November: (-6.3%) to $80.51

Top Energy Stocks

XOM: -4.2%

CVX: -5.0%

COP: -4.0%

SLB: -6.4%

OXY: -6.9%

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 other energy futures, heating oil was down 2.93% to $2.84 a gallon while natural gas was down 0.56% to $3.70 per million British thermal units.

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.

Despite the approval for the large project, Chevron is reportedly uncertain how much it will invest in the project.

Chevron shares are down 5%.

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.

According to the report, talks had been focused on a $6 billion settlement.

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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