03:24 PM EST, 11/04/2024 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.4% and the Energy Select Sector SPDR Fund (XLE) climbing 1.8%.

The Philadelphia Oil Service Sector index spiked 2.1%, while the Dow Jones US Utilities index was falling 1.4%.

Oil prices rose following a decision by the Organization of the Petroleum Exporting Countries and its allies to delay a planned hike in production by a month, D.A. Davidson said in a note to clients.

Front-month West Texas Intermediate crude oil rose 2.9% to $71.49 a barrel while the global benchmark Brent crude contract was advancing 2.7% to $75.07 a barrel. Henry Hub natural gas futures climbed 4.7% to $2.79 per 1 million BTU.

In corporate news, Entergy's ( ETR ) updated strategic business plan has bolstered growth outlook, but associated execution risks and elevated valuation are reasons to adopt a more cautious view, BofA Securities said in a note Monday. The firm downgraded Entergy ( ETR ) to neutral from buy, but raised its price objective to $154 from $138. Entergy ( ETR ) shares were falling 2.5%.