09:06 AM EDT, 08/05/2025 (MT Newswires) -- Energy stocks were declining premarket Tuesday as the Energy Select Sector SPDR Fund (XLE) was down 0.1% recently.

The United States Oil Fund (USO) was 1.2% lower and the United States Natural Gas Fund (UNG) was up 1.1%.

Front-month US West Texas Intermediate crude oil was 1.5% lower at $65.31 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.4% to $67.80 per barrel, and natural gas futures were up 1.9% at $2.99 per 1 million British Thermal Units.

BP (BP) said it plans to review its business portfolio and cut more costs in a bid to improve shareholder value. Separately, the company reported lower Q2 underlying replacement cost profit and revenue. Shares of BP were up more than 1% pre-bell.