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U.S. Stocks in Red at Midday, Oil Moves Higher

U.S. markets moved higher off the lows of the morning on Monday but were still trading in the red as oil prices surged roughly 3 1/2-percent.

U.S. markets moved higher off the lows of the morning on Monday but were still trading in the red as oil prices surged roughly 3 1/2-percent. Netflix (NFLX) is about to lose a collection of blockbuster films as its agreement with cable network Epix lapses. Epix has had a deal with Netflix since 2010 to share films 90 days after they launched on its own network. Netflix will lose movies such as 'The Hunger Games: Catching Fire' and the latest 'Transformers' film by the end of September. Stocks were sharply lower to begin the week. Losses were triggered by a pullback in crude oil prices following a massive rally to end last week. The commodity is on track for a monthly loss of more than 6-percent despite Monday's comeback. Crude oil has been pressured by fears of slowing demand from China. Phillips 66 (PSX) moved higher after Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) disclosed a new $4.5 billion stake. TheStreet's Keris Lahiff reports from New York.

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