08:59 AM EDT, 07/01/2024 (MT Newswires) -- Energy stocks were edging higher pre-bell Monday, with the Energy Select Sector SPDR Fund (XLE) recently advancing by 0.6%.

The United States Oil Fund (USO) was up 0.7%, and the United States Natural Gas Fund (UNG) was 2.5% lower.

Front-month US West Texas Intermediate crude oil was up 0.7% at $82.07 per barrel at the New York Mercantile Exchange. Global benchmark Brent gained 0.8% to $85.64 per barrel, and natural-gas futures were down 2.1% at $2.55 per 1 million British Thermal Units.

BP (BP) signed a joint development agreement to explore the potential development of a multiphase green hydrogen project in Egypt with Masdar, Hassan Allam Utilities, and Infinity Power. BP was up 0.6% premarket.