Energy stocks were falling pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 1.4%.

The United States Oil Fund (USO) was down 2.2% and the United States Natural Gas Fund (UNG) was 0.4% higher.

Front-month US West Texas Intermediate crude oil was 2.3% lower at $93.60 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.6% to $98.73 per barrel, and natural gas futures were up 0.4% at $2.85 per 1 million British Thermal Units.

TotalEnergies' (TTE) E&P New Ventures and PDVSA signed a memorandum of understanding on Saturday in Caracas, Venezuela, according to a government statement translated via Google Translate. Shares of TotalEnergies were 0.9% lower premarket.