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Sector Update: Energy

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-- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.

The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was up 0.1%.

In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.

This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.

Front-month West Texas Intermediate crude oil jumped 4.1% to $100.32 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.16 a barrel. Henry Hub natural gas futures decreased 0.1% to $2.55 per 1 million BTU.

In corporate news, BP (BP) shares gained 1.3%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.

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3:00 Tuesday vs 3:00 Monday2yr 99-26 vs 100-04; 3.842% vs 3.799%5yr 99-16+ vs 99-21+; 3.981% vs 3.947%10yr 98-06+ vs 98-10+; 4.351% vs 4.335%30yr 97-00 vs 96-31+; 4.941% vs 4.941%2/10 50.633 bps vs 53.307 bps5/30 95.813 bps vs 99.249 bps

Australia

Brown & Brown's Q1 Report Shows Organic Revenue Growth Under Continued Pressure, UBS Says

Brown & Brown's (BRO) Q1 report shows that the company's organic revenue growth continues to remain under pressure despite better than expected quarterly earnings per share and adjusted margins, UBS said in a note.The company's flat Q1 organic revenue growth was below UBS expectations of a 2% growth and consensus of 1.3%, UBS said on Monday. The metric further excluded $10 million in litigation related lost revenue, which was in-line with expectations, according to UBS.Looking ahead, Brown & Brown expects catastrophe property rates to continue to experience downward pressure in Q2, while economic growth should remain relatively stable, UBS said. The company's capital allocation will have a bias toward buybacks and paying down debt, while remaining active for specialty and smaller deals, UBS added.UBS maintained its neutral rating on the company's stock with an $81 price target.Shares of Brown & Brown were down over 6% in Tuesday trading.Price: $62.07, Change: $-4.06, Percent Change: -6.13%

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Australia

TD Cowen Raises Incyte Price Target to $124 From $123

Incyte (INCY) has an average rating of overweight and mean price target of $109.10, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $94.83, Change: $-0.89, Percent Change: -0.93%

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