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Sector Update: Energy Stocks Rise Premarket Thursday

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Energy stocks were rising premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.7%.

The United States Oil Fund (USO) was up 5.6% and the United States Natural Gas Fund (UNG) was 1.8% higher.

Front-month US West Texas Intermediate crude oil was 4.6% higher at $90.79 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.9% to $99.64 per barrel, and natural gas futures were up 1.6% at $2.97 per 1 million British Thermal Units.

TotalEnergies (TTE) stock was up more than 2% after the company reported higher Q2 adjusted earnings and revenue.

Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said. Eni shares were up more than 1% premarket.

Oceaneering International (OII) stock was up more than 4% after the company posted higher fiscal Q2 non-GAAP net income and revenue.

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