03:21 PM EST, 03/08/2024 (MT Newswires) -- Energy stocks were declining late Friday, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) fractionally lower.

The Philadelphia Oil Service Sector index was posting a 0.4% drop and the Dow Jones US Utilities index was up 0.3%.

Front-month West Texas Intermediate crude oil was declining 1.3% to $77.90 a barrel while the global benchmark Brent crude contract was down 1.2% to $81.97 per barrel. Henry Hub natural gas futures were 0.7% lower at $1.81 per 1 million BTU.

In corporate news, General Electric ( GE ) shares gained 1.1% after JPMorgan upgraded the rating on the company's stock to overweight from neutral and raised the price target to $180 from $166.