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Sector Update: Energy Shares Log Late-Session Gain; Crude Oil Finished Up 3%

NYMEX Benchmark Crude September: (+2.9%) to $87.88

Top Energy Stocks

XOM: +2.8%

CVX: +2.8%

COP: +1.8%

SLB: +2.1%

OXY: +4.4%

Energy shares are higher in late-session trading as crude oil futures finish up nearly 3% for the day.

Light, sweet crude oil for September delivery finished up 2.9% to $87.88 a barrel. In other energy futures, heating oil was up 1.18% to $2.93 a gallon while natural gas was down 0.81% to $4.02 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 2.77% to $34.15. The United States Natural Gas ETF ( UNG ) is down 0.54% at $10.20.

In late-session energy news, shares of Occidental Petroleum ( OXY ) are firm in afternoon trading as MarketWatch reports the company is undergoing a two-part debt offering of 5.5 and 10.5-year senior unsecured notes, citing a source close to the deal.

The proceeds are said to be for general corporate purposes, but they may also be used for funding of acquisitions, the report said.

Occidental shares are up 4.62%, or $3.88, to $89.

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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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