Energy Drops on OPEC, Supply Concerns — Energy Roundup

Shares of energy companies ticked down as traders anticipated an excess of global supplies.

U.S.-traded oil futures fell 6.8% to $78.11 for the week.

Israel has given Hamas a week to agree to a cease-fire deal or it will begin a military operation in Rafah, Egyptian officials said Friday, as the militant group stalls for better terms that would ensure its survival.

Meanwhile, speculation is mounting that the June meeting of OPEC could expose cracks in the alliance, with the United Arab Emirates reportedly intent increasing production.

Anglo Dutch giant Shell said growth at its natural-gas unit offset weakness elsewhere.

Exxon Mobil has completed its $60 billion acquisition of rival Pioneer Natural Resources after an agreement with antitrust regulators that saw Scott Sheffield barred from Exxon's board.

Write to Rob Curran at rob.curran@dowjones.com