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Sector Update: Energy

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Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.

The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 0.4% lower.

Front-month US West Texas Intermediate crude oil was 2.3% higher at $90.71 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $96.24 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.

TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up more than 1% pre-bell.

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