By Steve Gelsi , MarketWatch
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market on Monday, although BP PLC and Anadarko Petroleum fell back as their dispute over responsibility for the Gulf of Mexico oil spill intensified.
The NYSE Arca Oil Index (XOI 988.80, +11.22, +1.15%) rose 1% to 987. The NYSE Arca Natural Gas Index (XNG 551.26, +7.17, +1.32%) rose 1.5% to 552. The Philadelphia Oil Service Index (OSX 185.19, +1.56, +0.85%) rose 1% to 185.
Energy stocks drew strength from the commodities and equities markets, buoyed by China's moves toward freeing up the yuan.
BP (BP 30.95, -0.81, -2.55%) shares fell 4.3% to $30.40. Anadarko Petroleum (APC 43.36, +0.79, +1.86%) dropped 2% to $41.60.
Anadarko, which has a roughly 25% stake in the leaking Macondo well in the Gulf, said late last week it was "shocked" by evidence of BP's allegedly reckless behavior leading up to the spill, adding that BP is responsible for related damages. BP said it "strongly disagrees" with Anadarko's allegations.
Separately, BP said Monday its costs in the continuing oil spill in the Gulf of Mexico hit the $2 billion mark, amid reports the oil major will raise $10 billion in debt this week.
Among stocks in the spotlight, Hess Corp. (HES 56.70, +0.52, +0.93%) said it exercised its right to pre-empt Total SA's (TOT 50.45, +0.63, +1.27%) sale to BP PLC (BP 30.95, -0.81, -2.55%) its interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod. Hess will gain additional interests of 7.85% in Valhall and 12.5% in Hod for $496 million in cash.
The move will bring Hess' interests in Valhall and Hod to 64.05% and 62.5%.
