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Sector Update: Energy Stocks Decline Premarket Wednesday

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

The United States Oil Fund (USO) was down 1% and the United States Natural Gas Fund (UNG) was fractionally lower.

Front-month US West Texas Intermediate crude oil was 0.8% lower at $89.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.5% to $94.19 per barrel, and natural gas futures were up 0.9% at $2.93 per 1 million British Thermal Units.

BP (BP) appointed Ian Tyler as board chair, effective immediately. Shares of BP were down 1.9% pre-bell.

BW LPG (BWLP) shares were down more than 4% after the company said it is issuing $300 million of 2.25% senior unsecured convertible bonds due 2031.

Chevron (CVX) reached agreements with Venezuela on updated joint venture terms, including enhanced fiscal, commercial and legal provisions to support investment, development and production growth, the company said. Chevron stock was down 0.7% pre-bell.

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