03:22 PM EDT, 08/27/2024 (MT Newswires) -- Energy stocks were falling late Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each decreasing 0.9%.

The Philadelphia Oil Service Sector Index was dropping 1%, and the Dow Jones US Utilities Index was shedding 0.6%.

Front-month West Texas Intermediate crude oil fell 2.3% to $75.62 a barrel while the global benchmark Brent crude contract dropped 2.2% to $79.63 a barrel. Henry Hub natural gas futures were 2.5% lower at $1.91 per 1 million BTU.

In corporate news, ReNew (RNW) shares added 0.5% after it said Tuesday it has signed a 437.6 megawatts renewable power sale agreement with Microsoft ( MSFT ) .