Energy stocks were falling premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 3.3%.

The United States Oil Fund (USO) was down 4.5% and the United States Natural Gas Fund (UNG) was 1% lower.

Front-month US West Texas Intermediate crude oil was 5.6% lower at $80.16 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.9% to $83.03 per barrel, and natural gas futures were down 1.3% at $3.08 per 1 million British Thermal Units.

Shell's (SHEL) Sprng Energy Indian renewable power business could be acquired by Aditya Birla Group, which has emerged as the frontrunner for the unit, Bloomberg reported, citing people familiar with the matter. Shares of Shell were down more than 4% pre-bell.