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Sector Update: Energy Shares Mixed; OPEC Raises Demand Concerns

NYMEX Benchmark Crude November: (-0.20%) to $85.32

Top Energy Stocks

XOM: -0.1%

CVX: -0.04%

COP: -0.4%

SLB: +2.0%

OXY: -0.2%

Energy shares are mixed in mid-day trading while crude oil futures have slipped fractionally lower on OPEC raised concerns over demand.

Light, sweet crude for November delivery is trading down 0.2% to $85.32 a barrel. In other energy futures, heating oil was down 0.5% to $2.88 a gallon while natural gas was up 0.17% to $3.54 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.21% to $33.17. The United States Natural Gas ETF ( UNG ) is down 0.46% to $8.70.

The Organization for Petroleum Exporting countries continued to trim its outlook for global demand for the rest of this year and next year. OPEC cut the global demand growth forecast this year by 180,000 barrels of oil a day, citing weakness in the world economy. For next year, global demand growth forecast was revised down by 70,000 barrels per day.

In mid-day energy news, shares of Schlumberger ( SLB ) are higher after Reuters reported the US oil company said it will be returning to Libya shortly. SLB Chairman Andrew Gould said at the Oil & Money Conference in London that the firm will be returning to Libya to some extent in October.

SLB shares are up 1.7% to $66.93.

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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