NEW YORK (Reuters) - Shares in energy companies were trading lower on Thursday, as a rise in the U.S. dollar and demand concerns sent oil prices lower.
The dollar <.DXY> gained strength against a basket of major currencies on expectations the U.S. Federal Reserve would quicken its pace of increases in interests rates after its first rate hike, serving to send oil prices lower. Brent crude was down 1.4 percent to $97.55 while U.S. crude lost 1.1 percent to $93.38. [O/R]
The S&P energy index <.SPNY> was down 0.3 percent, making it one of just two major S&P sectors in negative territory. The index is down 7 percent from its record high set on June 23. Chevron Corp
Both the oil majors could be due for a bounce, however, as Thomson Reuters StarMine data holds a $181.40 intrinsic value on Chevron and a value of $107.90 on Exxon.
(Editing by Bernadette Baum)
