Energy stocks fell premarket Monday as the Energy Select Sector SPDR Fund (XLE) recently declined by 0.9%.

The United States Oil Fund (USO) was down 1.9% and the United States Natural Gas Fund (UNG) was 2.3% lower.

Front-month US West Texas Intermediate crude oil was down 2.4% at $62.45 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to $66.40 per barrel, and natural gas futures were 2.6% lower at $3.16 per 1 million British Thermal Units.

Phillips 66 (PSX) shares were down more than 1% after the company asked shareholders to support its board nominees over those proposed by activist investor Elliott, raising concerns over potential conflicts of interest.