01:53 PM EDT, 09/17/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index up 0.7% and the Energy Select Sector SPDR Fund (XLE) rising 1.1%.

The Philadelphia Oil Service Sector index climbed 2.6%, and the Dow Jones US Utilities index eased 0.2%.

Front-month West Texas Intermediate crude oil was rising 2.1% to $71.57 a barrel while the global benchmark Brent crude contract was advancing 1.7% to $73.97 a barrel. Henry Hub natural gas futures were 1.4% lower at $2.34 per 1 million BTU.

In corporate news, VivoPower ( VVPR ) shares tumbled 26% after the company said it signed an agreement to merge with Future Automotive Solutions and Technologies in an all-stock deal.

GE Vernova ( GEV ) shares popped 2.7%. The company's gas power services segment is expected to see significant growth driven by accelerating US electricity demand, BofA Securities said in a note Tuesday. BofA upgraded its rating on the stock to buy from neutral and raised its price objective to $300 from $200.

Seadrill ( SDRL ) and Oil States International ( OIS ) have signed a non-exclusive collaboration agreement to support the safety and efficiency of offshore managed pressure drilling operations, Oil States ( OIS ) said. Seadrill ( SDRL ) shares gained 3.3% and Oil States ( OIS ) jumped 4.6%.