Energy stocks were advancing pre-bell Wednesday as the Energy Select Sector SPDR (XLE) was recently gaining 0.76%. The United States Oil Fund (USO) was up 0.41% and the United States Natural Gas Fund (UNG) was 1% lower.
West Texas Intermediate crude oil was up by $0.85 at $86.28 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.63 to $88.14 per barrel and natural gas futures were $0.02 lower at $4.30 per 1 million BTU.
China has penalized PetroChina (PTR) for irregular trading of imported crude oil, Reuters reported, citing a statement by the National Development and Reform Commission. PetroChina was recently climbing past 1%.
Eni (E) said the Norwegian Ministry of Petroleum and Energy has awarded its subsidiary Var Energi with 10 new exploration licenses in the Norwegian Continental Shelf. Eni was up more than 1% recently.
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