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Sector Update: Energy

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Energy stocks advanced Friday afternoon, with the NYSE Energy Sector Index up 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.4%.

The Philadelphia Oil Service Sector Index added 0.9%, and the Dow Jones US Utilities Index was falling 1.4%.

Front-month West Texas Intermediate crude oil rose 0.1% to $83.59 a barrel, and the global benchmark Brent crude contract shed 0.4% to $89.34 a barrel. Henry Hub natural gas futures fell 1.5% to $2.87 per 1 million BTU.

In corporate news, Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported. Halliburton (HAL) is also in talks to provide its equipment to oil producers in Venezuela, the report said. Chevron shares rose 1%, and Halliburton gained 1.8%.

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