01:18 PM EST, 12/03/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was fractionally higher, and the Dow Jones US Utilities index was adding 0.1%.

Front-month West Texas Intermediate crude oil was rising 2.7% to $69.96 a barrel while the global benchmark Brent crude contract was advancing 2.5% to $73.64 a barrel. Henry Hub natural gas futures were slumping 4.9% to $3.05 per 1 million BTU.

In corporate news, TotalEnergies (TTE), Aramco and Saudi Investment Recycling Co. said Tuesday they have signed an agreement to evaluate the development of a sustainable aviation fuels project in Saudi Arabia. Separately, TotalEnergies is close to buying VSB from private equity firm Partners Group for 2 billion euros ($2.10 billion), Bloomberg reported. TotalEnergies shares were up 0.8%.