03:29 PM EDT, 09/08/2025 (MT Newswires) -- Energy stocks fell late Monday afternoon with the NYSE Energy Sector Index declining 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.5%.

The Philadelphia Oil Service Sector Index dropped 1%, and the Dow Jones US Utilities Index lost 1.4%.

On Sunday, eight OPEC+ members agreed to increase production from October by 137,000 barrels a day. That's lower than monthly increases of about 555,000 for September and August and 411,000 in July and June, Reuters reported.

West Texas Intermediate crude oil rose 0.8% to $62.36 a barrel, and global benchmark Brent advanced 1% to $66.12 a barrel. Henry Hub natural gas futures added 1.6% to $3.10 per 1 million BTU.

In corporate news, BP (BP) has signed a preliminary agreement with Egypt's state-owned gas company EGAS to drill five new deepwater natural gas wells in the Mediterranean. BP shares eased 0.1%.