01:27 PM EDT, 05/01/2024 (MT Newswires) -- Energy stocks declined Wednesday afternoon with the NYSE Energy Sector Index falling 1.4% and the Energy Select Sector SPDR Fund (XLE) dropping 1.7%.

The Philadelphia Oil Service Sector index lost1.7%, while the Dow Jones US Utilities index was rose 1.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose 7.9 million barrels in the week ended April 26 following a decrease of 5.6 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose 7.3 million barrels after a decline of 6.4 million in the previous week, compared with a decrease of 2.5 million expected in a survey compiled by Bloomberg as of 7:30 am ET.

West Texas Intermediate crude oil slumped 3.3% to $79.21 a barrel, while the global benchmark Brent crude contract dropped 3.1% to $83.67 a barrel. Henry Hub natural gas futures declined 2.5% to $1.94 per 1 million BTU.

In corporate news, the Federal Trade Commission is prepared to decide whether to sue to block Exxon Mobil's ( XOM ) $60 billion acquisition of Pioneer Natural Resources ( PXD ) in the coming days, Bloomberg reported Wednesday. Exxon shares fell 1.7%, and Pioneer declined 1.6%.