03:30 PM EDT, 07/08/2024 (MT Newswires) -- Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each shedding 0.8%.

The Philadelphia Oil Service Sector index was adding 0.1%, and the Dow Jones US Utilities index was fractionally lower.

Front-month West Texas Intermediate crude oil fell 1.2% to $82.13 a barrel, while global benchmark Brent was down 1.1% to $85.58 a barrel. Henry Hub natural-gas futures were 2.1% higher at $2.37 per 1 million BTU.

In corporate news, Petrobras (PBR) will increase gasoline prices by about 7% for distributors on Tuesday, Reuters reported Monday. The Brazilian energy giant's shares spiked 2.3%.

Devon Energy ( DVN ) said Monday it will buy the Williston Basin business of EnCap Investments-backed Grayson Mill Energy in a $5 billion deal that is expected to expand Devon's oil production and drilling inventory. Devon shares were falling 1.2%.

Ocean Power Technologies ( OPTT ) shares surged 16% after it said Monday it signed a reseller agreement with marine survey and navigation equipment supplier Survey Equipment Services for its WAM-V unmanned surface vehicles in the US.

Exxon Mobil ( XOM ) said Monday it expects changes in liquids prices to raise its upstream earnings by $300 million to $700 million in Q2, compared with Q1 results. Exxon shares were down 1.4%.