03:21 PM EDT, 08/12/2024 (MT Newswires) -- Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector index gained 1%, while the Dow Jones US Utilities index decreased 0.2%.

West Texas Intermediate crude oil spiked 3.9% to $79.86 a barrel, while global benchmark Brent climbed 3.1% to $82.10 a barrel. Henry Hub natural-gas futures rose 1.3% to $2.17 per 1 million BTU.

In market news, the Organization of the Petroleum Exporting Countries lowered its 2024 and 2025 global oil demand forecasts on Monday amid slowing growth prospects in China this year. In its monthly oil report for August, the cartel reduced its oil demand growth forecast by 135,000 barrels of oil per day to 2.11 million barrels a day.

In corporate news, Vistra's ( VST ) TXU Energy unit said Monday it's collaborating with Ford (F) to launch a free electric vehicle charging program for the carmakers' clients in Texas. Vistra ( VST ) shares were falling 1.4%.