03:19 PM EDT, 03/18/2024 (MT Newswires) -- Energy stocks rose late Monday afternoon, with the NYSE Energy Sector Index adding 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index increased 0.2%, and the Dow Jones US Utilities index advanced 0.4%.

Iraq will lower its crude exports in the coming months to compensate for production that exceeds its OPEC+ quota since January, media outlets reported Monday.

West Texas Intermediate crude oil rose 2.2% to $82.84 a barrel, while global benchmark Brent advanced 2% to $87.05 a barrel. Henry Hub natural-gas futures was 3.4% higher at $1.71 per 1 million BTU.

In corporate news, Pinnacle West Capital ( PNW ) shares rose 2% as BofA upgraded the company's rating to buy from neutral amid an "improving regulatory environment" and raised the price target to $80 from $71.