03:22 PM EDT, 06/03/2024 (MT Newswires) -- Energy stocks were falling late Monday afternoon, with the NYSE Energy Sector Index dropping 2.4% and the Energy Select Sector SPDR Fund (XLE) slumping 2.8%.

The Philadelphia Oil Service Sector index tumbled 5%, and the Dow Jones US Utilities index lost 1%.

Oil prices declined Monday after some oil producers over the weekend agreed to extend production cuts of 3.6 million barrels a day through the end of 2025 and to start unwinding certain voluntary reductions later this year. A coalition of eight members of the Organization of the Petroleum Exporting Countries and its allies will extend the October 2022 production cuts and the voluntary reductions of 1.65 million barrels per day through the end of 2025.

Front-month West Texas Intermediate crude dropped 3.7% to $74.11 a barrel, while global benchmark Brent fell 3.5% to $78.25 per barrel.

Henry Hub natural-gas futures jumped 6.7% to $2.76 per 1 million BTU.

In corporate news, HMH Holding BV said Monday that its HMH Holding Inc. unit has submitted a first draft registration statement with the US Securities and Exchange Commission for a proposed initial public offering of HMH Holding Inc.'s common stock. HMH is a joint venture between Baker Hughes' ( BKR ) Subsea Drilling Systems business and Akastor's MHWirth unit. Baker Hughes ( BKR ) shares were falling 4%.