09:03 AM EDT, 06/27/2024 (MT Newswires) -- Energy stocks were edging higher pre-bell Thursday with the Energy Select Sector SPDR Fund (XLE) recently advancing by 0.3%.

The United States Oil Fund (USO) was up 1% and the United States Natural Gas Fund (UNG) was 0.3% lower.

Front-month US West Texas Intermediate crude oil was up 0.8% at $81.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1% to $86.10 per barrel, and natural gas futures were down 1.2% at $2.71 per 1 million British Thermal Units.

SM Energy ( SM ) was 5% lower after saying it agreed to acquire the Uinta Basin oil and gas assets of XCL Resources, which is backed by EnCap Investments and Rice Investment Group, for $2.55 billion.