01:30 PM EDT, 10/07/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 0.8%.

The Philadelphia Oil Service Sector index was posting a 0.2% increase, while the Dow Jones US Utilities index was falling 1.6%.

Front-month West Texas Intermediate crude oil was rising 3.6% to $77.05 a barrel while the global benchmark Brent crude contract was advancing 3.5% to $80.74 a barrel. Henry Hub natural gas futures slumped 4.9% to $2.72 per 1 million BTU.

In corporate news, Chevron ( CVX ) is offloading some of its Canadian assets and interests as it continues plans to slim down its global energy portfolio through divestments, it said Monday. The oil giant's subsidiary Chevron Canada agreed to sell its 20% non-operated interest in the Athabasca Oil Sands Project and a 70% operated interest in the Duvernay shale to Canadian Natural Resources (CNQ) for $6.5 billion in cash. Chevron ( CVX ) shares added 0.8%.