09:03 AM EDT, 04/09/2025 (MT Newswires) -- Energy stocks fell premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) declining by 2.8% recently.

The United States Oil Fund (USO) was down 4.3% and the United States Natural Gas Fund (UNG) was 2.9% lower.

Front-month US West Texas Intermediate crude oil was down 6.3% at $55.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 6% to $59.03 per barrel, and natural gas futures were 2.9% lower at $3.36 per 1 million British Thermal Units.

The US administration has revoked licenses for BP (BP) and Shell's (SHEL) Venezuelan gas projects, which are required for a liquefied natural gas facility in Trinidad and Tobago, the Financial Times reported, citing sources familiar with the matter. Shares of BP were over 1% lower premarket.