Sector Update: Energy Stocks Rise Premarket Tuesday
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Energy stocks rose premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.1% and the United States Oil Fund (USO) up 3%. Front-month US West Texas Intermediate crude oil increased by 3.2% to $101.25 per barrel, while North Sea Brent crude also rose 3.2% to $107.49. Venture Global (VG) shares surged over 7% after reporting higher Q1 earnings, while Petrobras (PBR) fell over 1% despite increased net income. Shell (SHEL) shares were up 0.2% as the company plans to divest its gas station network in France.
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