Citigroup's energy unit Phibro may separate

Phibro LLC the energy trading unit of Citigroup may separate from its parent company, according to a report from the New York Times which said Andrew Hall, a senior trader at Phibro has had preliminary talks to other parties about the separation.

U.S. energy sector surges

The U.S. energy sector started the month of August with gains with optimism about the economy. Crude oil jumped to the $71 per barrel mark and main indexes climbed, including the New York Stock Exchange's Arca Oil Index which climbed 1.8 percent to 978. The NYSE Arca Natural Gas Index surged 2.9 percent to 461 and the Philadelphia Oil Service Index advanced 3.2 percent to 176, Dow Jones reports.

Enel, EDF agree to develop nuclear reactors

Italian company Enel SpA and French utility Electricite de France SA signed a jiont venture agreement to develop nuclear reactors in Italy on Monday. Each company will keep a 50 percent stake of the project.