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Sector Update: Energy Shares Down at Session's Half; Oil Executives Testify Before Congress

NYMEX Benchmark Crude June: (-0.21%) to $98

Top Energy Stocks

XOM: -0.9%

CVX: -0.5%

COP: -1.5%

SLB: +1.2%

OXY: -0.4%

Energy shares are down in mid-day trading as crude oil executives testify before a congressional panel and crude oil futures trade to the downside.

Light, sweet crude for June delivery is trading down 0.21% to $98 a barrel. In other energy futures, heating oil is up 0.4% to $2.91 a gallon while natural gas is down 0.24% at $4.17 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.17% to $38.85. The United States Natural Gas ETF ( UNG ) is up 0.09% to $10.81.

Executives from the major oil refiners defended the tax breaks they receive before Congress, which has been seeking ways to reign in the deficit.

One executive, Exxon Mobil ( XOM ) Chief Executive Officer Rex Tillerson told Congress that based only on supply and demand, crude oil prices should be in the range of $60 to $70 a barrel, Reuters reports.

Exxon shares are down 0.8%.

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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