01:27 PM EDT, 08/26/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.3% and the Energy Select Sector SPDR Fund (XLE) up 1%.

The Philadelphia Oil Service Sector index was posting a 1.1% increase, and the Dow Jones US Utilities index was adding 0.7%.

Front-month West Texas Intermediate crude oil was climbing 3.3% to $77.25 a barrel while the global benchmark Brent crude contract was advancing 2.8% to $81.19 a barrel. Henry Hub natural gas futures dropped 2.3% to $1.98 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) expects oil demand to plateau after 2030 but remain above 100 million barrels per day through 2050, the company said Monday in its 2024 global outlook presentation. Exxon shares were rising 2%.