01:32 PM EST, 03/06/2024 (MT Newswires) -- Energy stocks rose Wednesday afternoon with the NYSE Energy Sector Index gaining 1.2% and the Energy Select Sector SPDR Fund (XLE) up 1%.

The Philadelphia Oil Service Sector index climbed 1.8%, and the Dow Jones US Utilities index added 1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.1 million barrels in the week ended March 1 following an increase of 4.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.4 million barrels after a 4.2-million-barrel gain in the previous week, a smaller increase than the 2.7-million-barrel gain expected in a survey compiled by Bloomberg as of 7:40 am ET.

West Texas Intermediate crude oil jumped 2.3% to $79.91 a barrel, while the global benchmark Brent crude contract advanced 1.6% to $83.35 a barrel. Henry Hub natural gas futures fell 1.3% to $1.931 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) is planning to lay off about 15% of Denbury's workforce, Bloomberg reported Wednesday, citing the Texas Workforce Commission. Exxon bought Denbury four months ago in an all-stock deal valued at $4.9 billion. Exxon shares gained 1.5%.