Energy stocks were trading higher premarket Friday with the Energy Select Sector SPDR (XLE) recently advancing by 0.08%. The United States Oil Fund (USO) was 0.12% lower and the United States Natural Gas Fund (UNG) was slipping by 0.20%. West Texas Intermediate crude oil was up $0.10 at $61.53 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained $0.03 to $65.43 per barrel and natural gas futures were inactive at $2.74 per 1 million BTU.
Schlumberger (SLB) was marginally declining as it posted Q1 adjusted earnings of $0.21 per share, down from $0.25 per share a year earlier. Analysts polled by Capital IQ projected adjusted EPS of $0.19.
Equinor (EQNR) was slightly higher after the company and its partners announced that they are moving forward with the development of Askeladd Vest in the southern Barents Sea, which is expected to provide 134 million barrels of oil equivalent.
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