01:23 PM EST, 12/11/2024 (MT Newswires) -- Energy stocks were edging higher Wednesday afternoon, with the NYSE Energy Sector Index adding 0.2% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index climbed 1.4%, and the Dow Jones US Utilities index was shedding 0.5%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 700,000 barrels in the week ended Dec. 6 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.4 million barrels after a 5.1-million-barrel decline in the previous week, a larger drop than the 1.1-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 1.9% to $69.91 a barrel while the global benchmark Brent crude contract was advancing 1.5% to $73.27 a barrel. Henry Hub natural gas futures jumped 7% to $3.38 per 1 million BTU.

In corporate news, ReNew Energy Global ( RNW ) shares surged 12% after the company said Wednesday it received a nonbinding proposal from a consortium to acquire the stake in the company not already owned by the consortium's members for $7.07 per share in cash.