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Sector Update: Energy Shares Move Lower as Crude Plunges on China Concerns

NYMEX Benchmark Crude January: -$3.30 (-2.9%) to $84.88

Top Energy Stocks

XOM: -1.6%

CVX: -1.0%

COP: -1.0%

SLB: -1.5%

OXY: -0.6%

Energy shares have remained sacked for almost the entire day as crude oil futures plunged over concerns about China's monetary policy strategy going forward.

Crude oil for January delivery finished down $3.30, or 2.9%, at $84.88 a barrel. In other energy futures, heating oil was down 2.46% to $2.36 a gallon while natural gas fell 3.08%, to $3.80 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 3.46% to $36.53. The United States Natural Gas ETF ( UNG ) is down 3.04% to $5.49.

Earlier, the Chinese government indicated it would continue to restrict monetary policy even with a host of recent measures to contain inflationary forces there.

In late-session energy sector news, Chevron Corp. ( CVX ) is lower in late trading even though it reiterated its full-year production forecast, up 2% over last year, in the face of resistance from falling oil prices.

The company said it expects to produce 2.75 million barrels of oil equivalent per day this year. That's the same production rate as the first 9 months of the year.

Chevron shares are down 0.85% to $85.36 in late trading.

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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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