Sector Update: Energy

MT Newswires Live07-16

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector Index shed 1.2%, and the Dow Jones US Utilities Index was down 0.6%.

Front-month West Texas Intermediate crude oil eased 0.2% to $79.19 a barrel, and the global benchmark Brent crude contract shed 0.2% to $84.56 a barrel. Henry Hub natural gas futures rose 0.6% to $2.92 per 1 million BTU.

In corporate news, BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. Shares were off 0.5%.

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