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Sector Update: Energy Stocks Advance Premarket Friday

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Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.

The United States Oil Fund (USO) was up 3.1% and the United States Natural Gas Fund (UNG) was 0.2% higher.

Front-month US West Texas Intermediate crude oil was 3.2% higher at $81.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $86.77 per barrel, and natural gas futures were up 1.4% at $2.90 per 1 million British Thermal Units.

ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.

Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said, citing a senior company executive. Chevron shares were up more than 1% pre-bell.

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