03:23 PM EDT, 03/13/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each climbing 1.6%.

The Philadelphia Oil Service Sector index gained 1.6%, and the Dow Jones US Utilities index increased 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended March 8 following an increase of 2.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.5 million barrels after a 1.4-million-barrel gain in the previous week, compared with the 1-million-barrel increase expected in a survey compiled by Bloomberg as of 7:40 am ET.

West Texas Intermediate crude oil jumped 3% to $79.88 a barrel, while the global benchmark Brent crude contract advanced 2.8% to $84.18 a barrel. Henry Hub natural gas futures fell 3.2% to $1.66 per 1 million BTU.

In corporate news, BP (BP) and Abu Dhabi National Oil have suspended talks for a proposed $2 billion purchase of a major stake in Israel's NewMed Energy, the natural gas firm said Wednesday. BP shares were rising 1.9%.