Sector Update: Energy

MT Newswires Live09-01 21:07

Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.4% higher.

The United States Oil Fund (USO) was up 2.6% and the United States Natural Gas Fund (UNG) was 2.3% lower.

Front-month US West Texas Intermediate crude oil was 2.7% higher at $88.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.3% to $92.56 per barrel, and natural gas futures were down 2.2% at $2.87 per 1 million British Thermal Units.

ExxonMobil (XOM) is among several major oil companies planning to pursue business in Venezuela, multiple news outlets including Reuters reported late, citing comments made by US President Donald Trump at a press event. ExxonMobil stock was up more than 1% pre-bell.

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