03:42 PM EDT, 04/08/2025 (MT Newswires) -- Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 3% and the Energy Select Sector SPDR Fund (XLE) dropping 2.6%.

The Philadelphia Oil Service Sector index slumped 5.2%, and the Dow Jones US Utilities index shed 0.3%.

Front-month West Texas Intermediate crude oil fell 4% to $58.28 a barrel, and the global benchmark Brent crude contract dropped 4% to $61.63 a barrel. Henry Hub natural gas futures were 4.9% lower at $3.48 per 1 million BTU.

In sector news, President Donald Trump will sign an executive order to increase coal production and use in the US to meet rising power needs from AI infrastructure, Bloomberg reported.

In corporate news, Liberty Energy (LBRT) shares fell 6.1% after Wells Fargo downgraded the stock to equalweight from overweight and cut its price target to $11 from $20.

Exxon Mobil ( XOM ) is facing no shareholder proposals this proxy season for the first time in at least 25 years, Bloomberg reported. Exxon shares were shedding 3.3%.

Eni (E) plans to invest 24 billion euros ($26.2 billion) over the next four years in Algeria, Libya and Egypt to boost energy production, Reuters reported, citing Chief Executive Claudio Descalzi at a conference in Italy. Eni shares were down 4.8%.

BP (BP) is putting on hold a project to expand biofuel production at its oil refinery in Castellon, Spain, Bloomberg reported. BP shares fell 4.6%.