09:19 AM EST, 11/04/2024 (MT Newswires) -- Energy stocks were edging higher premarket Monday as the Energy Select Sector SPDR Fund ( XLE ) advanced by 0.8% recently.

The United States Oil Fund ( USO ) was up 2.7% and the United States Natural Gas Fund ( UNG ) was 0.6% higher.

Front-month US West Texas Intermediate crude oil was 2.7% higher at $71.39 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 2.5% to $74.91 per barrel, and natural gas futures were down 0.5% at $2.68 per 1 million British Thermal Units.

Kosmos Energy ( KOS ) shares were down 1% after the company reported lower Q3 adjusted net income and revenue.

Chevron ( CVX ) is considering US layoffs and targeting $3 billion in "structural" cost savings from asset sales, the adoption of new technology and workflow changes, Bloomberg News reported Friday citing an interview with Chief Executive Mike Wirth. Chevron ( CVX ) shares were up 0.9% pre-bell.