BlackRock fund took profits in U.S. energy stocks

NEW YORK, July 26 (Reuters) – BlackRock’s global allocation fund booked profits on U.S.-based energy shares in June as oil prices rose more than 25 percent in the second quarter, as a part of a 85 percent rebound since hitting 12-year lows in early 2016 tied to fears about oversupply.

“During the month of June, we took profits in U.S.-based energy stocks as higher oil prices have led to higher valuations for many of these companies,” Russ Koesterich, head of asset allocation for the BlackRock fund, said in a statement.

(Reporting by Richard Leong; Editing by Jeffrey Benkoe)