Energy Stocks: BP probes fatal blast; energy stocks rebound

NEW YORK (MarketWatch) � BP PLC investigated an explosion that killed one worker and injured two others in Colorado, while energy stocks rebounded from losses in the previous session.

About 30 million cubic feet of production remains shut in as the oil major investigates the blast. A BP spokesman said the accident remained under investigation Tuesday, with no cause yet determined. Shares of BP PLC BP �rose 0.4%.

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The U.S. and the European Union are gearing up to formally clamp down on Iranian oil exports after deciding there is little chance it will spark an oil-price spike that could slow the global economy. Keith Johnson reports on Mean Street. Photo: Agence France-Presse/Getty Images.

In the broad energy sector, Exxon Mobil Corp. XOM �rose 1.4% and Chevron Corp. CVX �moved up by about 1.9%. The two oil majors are components of the Dow Jones Industrial Average DJIA , which rose 32 points.

The Energy Select Sector SPDR Fund XLE , which tracks energy stocks in the S&P 500 Index SPX , rose 1.1%.

Checking the major benchmarks in the energy sector, the NYSE Arca Oil Index XX:XOI �and the NYSE Arca Natural Gas Index XX:XNG �moved up by about 1.1% The Philadelphia Oil Service Index OSX �rose 0.6%.

In the commodities arena, futures for WTI crude CLQ2 �dipped 0.2% to $79.08 a barrel, while Brent crude futures UK:LCOQ2 �rose 0.8% to $91.69. Read more on oil.

In the spotlight, Chesapeake Energy Corp. CHK �rose 0.1% and Encana Corp. ECA �dropped 2.2%, a day after Reuters reported possible antitrust violations by the firms over bids for land in Michigan.

Encana said late Monday it�s launched an investigation of the matter.

KKR raises $4 billion for projects

Kohlberg Kravis Roberts & Co. L.P. KKR �said Tuesday it�s raised $4 billion to invest in energy and infrastructure projects around the globe.

The New York-based investment specialist said the funds �target attractive opportunities outside of the private equity arena.� Its latest infrastructure fund closed with more than $1 billion, plus $1.3 billion of already-committed separate accounts for a total of $2.4 billion.

Its natural resource fund closed with total commitments of $1.25 billion, plus $350 million of capital from outside the fund, for a total of $1.6 billion.

�Both [energy and infrastructure] funds include committed capital from a diverse group of global investors, including insurers, pension plans and family offices,� KKR said.

Shares of the company were up 0.2%.