03:27 PM EDT, 07/02/2025 (MT Newswires) -- Energy stocks climbed late Wednesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both increasing 1.6%.

The Philadelphia Oil Service Sector Index added 2.5%, while the Dow Jones US Utilities Index shed 0.8%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4.1 million barrels in the week ended Friday following a decrease of 5.6 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.8 million after a drop of 5.8 million in the previous week, compared with a decline of 3.1 million expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil rose 3% to $67.41 a barrel, and global benchmark Brent advanced 3% to $69.09 a barrel. Henry Hub natural gas futures gained 2.1% to $3.49 per 1 million BTU.

In sector news, Chevron (CVX), TotalEnergies (TTE), Eni (E) and Exxon Mobil (XOM) are among companies competing in Libya's first oil and gas licensing round in over a decade, Bloomberg reported, citing the state oil company. National Oil Chair Massoud Seliman said 37 companies expressed interest in the 22 available blocks, according to the report.

In corporate news, TotalEnergies (TTE) closed its acquisition of a 50% stake in the solar, wind and battery energy storage systems portfolio of AES Dominicana Renewables Energy. Separately, TotalEnergies completed the sale of 50% of its 604 megawatt wind, solar and hydro portfolio in Portugal to a group including MM Capital Partners 2 and Daiwa Energy & Infrastructure for 178.5 million euros ($209.9 million). TotalEnergies shares gained 2.6%.