03:18 PM EDT, 09/12/2024 (MT Newswires) -- Energy stocks were rising late Thursday afternoon, with the NYSE Energy Sector Index adding 0.7% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index climbed 1.1%, and the Dow Jones US Utilities index was up 0.2%.

The International Energy Agency on Thursday reduced its global oil demand growth outlook for 2024, driven by weakness in China. World oil demand is now expected to increase by 900,000 barrels a day this year. This reflects a downgrade from the agency's prior growth outlook of 970,000 barrels, Tudor Pickering Holt said in a note to clients.

Front-month West Texas Intermediate crude oil rose 2.7% to $69.12 a barrel while the global benchmark Brent crude contract advanced 2.1% to $72.12 a barrel.

US natural gas stocks rose by 40 billion cubic feet in the week ended Sept. 6, below the 48 billion increase expected in a survey compiled by Bloomberg and following an increase of 13 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 3.9% to $2.36 per 1 million BTU.

In corporate news, GE Vernova ( GEV ) shares popped 3.6% as Evercore ISI raised the company's price target to $240 from $202.