Shares of energy companies were more or less flat as Israel and Hamas negotiated a ceasefire deal in Gaza.
Israel sent tanks into Rafah and took control of the Gazan side of a key border crossing to Egypt, securing a strategic corridor as high-stakes negotiations for a truce and hostage releases intensified.
Oil futures slipped after Russian Deputy Prime Minister Alexander Novak reportedly hinted that OPEC+ was putting an increase in crude oil production on the table for the cartel's June meeting.
Shares of British oil major BP Saudi Arabia's national oil company, known as Aramco, logged a drop in first-quarter profit fell and missed analysts' forecasts due to a lower volume of crude oil sold and weaker refining and chemicals margins.
The energy sector has lagged in recent weeks, but remained one of the leading S&P 500 industry groups for the year to date, noted one money manager.
"Energy could be one way to diversify an equity portfolio and hedge against persistent inflation," said Noah Barrett, research analyst at money manager Janus Henderson Investors.
Natural-gas futures rose for the fourth straight session.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-07-24 1746ET
