03:19 PM EDT, 10/14/2024 (MT Newswires) -- Energy stocks fell late Monday afternoon with the NYSE Energy Sector Index easing 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.5%.

The Philadelphia Oil Service Sector index dropped 1.3%, while the Dow Jones US Utilities index rose 0.9%.

The Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections while holding supply estimates steady. In its latest monthly oil report, the cartel lowered its demand growth estimate for this year to 1.93 million barrels a day from 2.03 million projected in September.

West Texas Intermediate crude oil declined 2.2% to $73.88 a barrel, while global benchmark Brent dropped 2% to $77.48 a barrel. Henry Hub natural gas futures tumbled 5.6% to $2.48 per 1 million BTU.

In corporate news, Petrobras (PBR) is expected to lower its 2025 investment plans to $17 billion from $21 billion, Reuters reported. Petrobras shares added 0.7%.