Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.4% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index was posting a 0.9% increase, and the Dow Jones US Utilities index was adding 0.6%.

Front-month West Texas Intermediate crude oil was climbing 3.2% to $77.24 a barrel while the global benchmark Brent crude contract was advancing 2.7% to $81.18 a barrel. Henry Hub natural gas futures dropped 2.8% to $1.97 per 1 million BTU.

In corporate news, Petrobras (PBR) is looking for shale gas deals in Argentina as part of an overall effort to increase fuel supplies to spur industrial growth, Bloomberg reported Monday. Petrobras shares jumped 8%.

Exxon Mobil (XOM) expects oil demand to plateau after 2030 but remain above 100 million barrels per day through 2050, the company said Monday in its 2024 global outlook presentation. Exxon shares were rising 2%.

Dril-Quip (DRQ) and Innovex Downhole Solutions said Monday that they have agreed to waive the requirement for approval of the amendment of Dril-Quip's restated certificate of incorporation as a condition of their proposed merger. Dril-Quip shares rose 1.9%.