03:28 PM EST, 11/12/2024 (MT Newswires) -- Energy stocks fell late Tuesday afternoon with the NYSE Energy Sector Index declining 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector index dropped 1.1%, and the Dow Jones US Utilities index shed 1%.

The Organization of the Petroleum Exporting Countries reduced 2024 and 2025 global oil demand projections for the fourth straight month, while raising world economic growth forecasts. The group expects world oil demand this year to grow 1.82 million barrels a day and 1.54 million b/d in 2025. The previous estimates were 1.93 million b/d this year and 1.64 million b/d in 2025.

West Texas Intermediate crude oil rose 0.3% to $68.22 a barrel, while global benchmark Brent advanced 0.2% to $71.99 a barrel. Henry Hub natural gas futures fell 0.5% to $2.91 per 1 million BTU.

In corporate news, Northwest Natural ( NWN ) reported a Q3 net loss of $0.71 per diluted share, widening from the loss of $0.65 a share a year earlier. Four analysts polled by Capital IQ expected a loss of $0.80. The stock gained 1.6%.