08:23 AM EDT, 05/06/2024 (MT Newswires) -- Energy stocks were rising premarket Monday, with the Energy Select Sector SPDR Fund (XLE) recently gaining 0.7%.

The United States Oil Fund (USO) was 0.7% higher, and the United States Natural Gas Fund (UNG) advanced 2%.

Front-month US West Texas Intermediate crude oil was up 1% at $78.85 per barrel at the New York Mercantile Exchange. Global benchmark Brent rose 0.8% to $83.61 per barrel, and natural gas futures were up 2.5% at $2.20 per 1 million BTU.

Meta Materials ( MMAT ) shares slumped 29% after the company said it received board approval to slash its workforce by about 80% to address challenges related to liquidity and securing additional financing.