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Sector Update Energy

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Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.3%.

The United States Oil Fund (USO) was down 1.1% and the United States Natural Gas Fund (UNG) was 2% lower.

Front-month US West Texas Intermediate crude oil was 1.1% lower at $91.18 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 10% to $94.07 per barrel, and natural gas futures were down 1.3% at $3.14 per 1 million British Thermal Units.

BP (BP) has asked senior independent director Amanda Blanc to lead the search for the company's next chair despite concerns from some investors and city figures following the departure of former chairperson Albert Manifold, the Financial Times reported. Shares of BP were 0.3% lower pre-bell.

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