03:20 PM EDT, 03/26/2025 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 0.5%.

The Philadelphia Oil Service Sector index advanced 0.1%, and the Dow Jones US Utilities index rose 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.1 million barrels in the week ended March 21 following an increase of 2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.3 million barrels after a 1.7-million-barrel gain in the previous week, compared with the 2-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil rose 0.9% to $69.61 a barrel, and the global benchmark Brent crude contract advanced 0.9% to $73.71 a barrel. Henry Hub natural gas futures fell 0.4% to $3.86 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) said Wednesday it plans to lay off about 250 UK employees by the end of 2026 as part of a business reorganization. Separately, Exxon said Wednesday it will spend $100 million to revamp its Baton Rouge, Louisiana, chemical plant to produce 99.99% pure isopropyl alcohol for cleaning semiconductor chips. Exxon shares were rising 1.4%.