03:15 PM EST, 12/05/2024 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index up 0.9% and the Energy Select Sector SPDR Fund (XLE) adding 0.7%.

The Philadelphia Oil Service Sector index shed 0.2%, and the Dow Jones US Utilities index was rising 0.4%.

OPEC+, the world's biggest cartel of crude oil producers, agreed to extend the start of returning 2.2 million barrels per day of voluntary production cuts to market until April instead of January, matching market expectations. The group plans to extend the return over 18 months instead of a year.

Front-month West Texas Intermediate crude oil rose 0.1% to $68.59 a barrel while the global benchmark Brent crude contract was fractionally higher at $72.34 a barrel.

US natural gas stocks fell by 30 billion cubic feet in the week ended Nov. 29, a smaller drop than the 36 billion decrease expected in a survey compiled by Bloomberg.

Henry Hub natural gas futures rose 1.2% to $3.08 per 1 million BTU.

In corporate news, Shell (SHEL) and Equinor ( EQNR ) said Thursday that their UK subsidiaries are combining their UK offshore oil and gas assets and operations to form a new independent joint venture for domestic oil and gas production in the North Sea. Shell added 0.5% and Equinor ( EQNR ) rose 0.8%.