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Sector Update: Energy Stocks Rise 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 0.8%.

The United States Oil Fund (USO) was up 2% and the United States Natural Gas Fund (UNG) was 1.7% higher.

Front-month US West Texas Intermediate crude oil was 2.7% higher at $103.89 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $107.96 per barrel, and natural gas futures were up 1.9% at $2.95 per million British Thermal Units.

Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported. Exxon Mobil stock was 0.5% higher premarket.

BP (BP) is contemplating selling certain natural gas assets in Egypt, Reuters reported, citing sources familiar with the matter. BP shares were marginally lower pre-bell.

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