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Sector Update: Energy Stocks Advance Pre-Bell Friday

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Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%

The United States Oil Fund (USO) was down 0.9% and the United States Natural Gas Fund (UNG) was 1.8% lower.

Front-month US West Texas Intermediate crude oil was 1.2% lower at $91.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.9% to $94.16 per barrel, and natural gas futures were down 1.2% at $3.30 per 1 million British Thermal Units.

BP (BP) agreed to subscribe for 10 million British Pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said. BP stock was 0.5% lower premarket.

Eni (E) has signed a petroleum exploration, development and production license agreement with the government of Gambia for the block A1 offshore the republic, the company said. Shares of Eni were down 0.1% pre-bell.

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