Sector Update: Energy

MT Newswires Live01-23 22:07

Energy stocks were edging higher premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.1%.

The United States Oil Fund (USO) was 3% higher and the United States Natural Gas Fund (UNG) was up 4%.

Front-month US West Texas Intermediate crude oil was up 2.6% at $60.92 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 2.5% to $65.66 per barrel, and natural gas futures were 3.8% higher at $5.24 per 1 million British Thermal Units.

Shell (SHEL) and its partners are exploring to invest $20 billion as foreign direct investment in Nigeria's Bonga South West oil project, Shell Group Chief Executive Wael Sawan said in a video briefing shared by Nigeria's presidency. Shares of Shell were up more than 2% pre-bell.

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