09:03 AM EDT, 04/04/2025 (MT Newswires) -- Energy stocks were falling pre-bell Friday, with The Energy Select Sector SPDR Fund (XLE) down 3.7%.

The United States Oil Fund (USO) was down 7% and the United States Natural Gas Fund (UNG) was 3.3% lower.

Front-month US West Texas Intermediate crude oil was down 7.4% at $62.03 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 6.7% to $65.46 per barrel, and natural gas futures were 3.6% lower at $3.99 per 1 million British Thermal Units.

BP (BP) said its board had initiated a succession process to appoint a new chair after Helge Lund is likely to step down in 2026. Shares of BP were nearly 5% lower premarket.