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Sector Update: Energy Stocks Rise Pre-Bell Tuesday

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Energy stocks were rising pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.1%.

The United States Oil Fund (USO) was up 0.8% and the United States Natural Gas Fund (UNG) was 0.7% higher.

Front-month US West Texas Intermediate crude oil was 1% higher at $85.32 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.5% to $91.30 per barrel, and natural gas futures were up 0.4% at $2.70 per 1 million British Thermal Units.

Petroleo Brasileiro (PBR) is weighing granting Braskem (BAK) improved payment terms on some contracts as the petrochemical producer approaches an Aug. 24 deadline to file for bankruptcy protection, Bloomberg reported, citing people familiar with the matter. The company's shares were 0.9% higher premarket.

Ecopetrol (EC) completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, strengthening its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol stock was up 0.7% pre-bell.

SLB (SLB) has been awarded a contract by Brunei Shell Petroleum to support production restoration from shut-in wells at a number of offshore fields, the company said. SLB shares were 0.2% higher premarket.

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