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Sector Update: Energy Shares Gain; Crude Futures Tipping Fractionally Higher

NYMEX Benchmark Crude July: (+0.25%) to $97.97

Top Energy Stocks

XOM: +0.8%

CVX: +1.0%

COP: +1.0%

SLB: +1.4%

OXY: +3.0%

Energy shares are higher in mid-day trading as the sector pares some prior-session losses on higher crude prices.

Light, sweet crude for July delivery is trading up up 54 cents at $98.24 a barrel. In other energy futures, heating oil is up 1.09% to $2.87 a gallon while natural gas is down 1.08% to $4.29 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 1.12% to $38.90. The United States Natural Gas ETF (UNG) is down 0.36% at $11.09.

In mid-day news, Marathon Oil ( MRO ) firms after it says the Internal Revenue Service provided a favorable private letter ruling confirming the tax-free status of the planned spin-off of the company's downstream business.

The distribution of MPC common stock and certain related transactions generally will not be taxable to MRO or U.S. holders of MRO common stock, except in respect to cash received in lieu of fractional share interests, which generally will be taxable to such holders as capital gain, it said.

Marathon Oil shares are up 2.95%, or $1.49, to $51.97.

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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