01:27 PM EDT, 08/27/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the Energy Select Sector SPDR Fund (XLE) falling 1%.

The Philadelphia Oil Service Sector index was posting a 1.4% drop, and the Dow Jones US Utilities index was shedding 0.8%.

Front-month West Texas Intermediate crude oil was falling 2.5% to $75.49 a barrel while the global benchmark Brent crude contract was dropping 2.2% to $79.63 a barrel. Henry Hub natural gas futures were 3.1% lower at $1.90 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) is looking to sell a host of traditional oil assets in the Permian Basin for about $1 billion as it focuses on shale production, Bloomberg reported Tuesday. Exxon shares shed 0.9%.