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Sector Update: Energy

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Energy stocks were advancing premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.

The United States Oil Fund (USO) was up 1.6% and the United States Natural Gas Fund (UNG) was 0.5% lower.

Front-month US West Texas Intermediate crude oil was 1.6% higher at $95.24 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.5% to $97.46 per barrel, and natural gas futures were down 0.4% at $3.15 per 1 million British Thermal Units.

Obsidian Energy (OBE) stock was up more than 1% after the company said it has agreed to acquire Belly River light oil assets in the Wilson Creek area of Willesden Green from Highwood Asset Management for an unadjusted purchase price of 105 million Canadian dollars ($75.8 million).

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