09:05 AM EDT, 04/02/2024 (MT Newswires) -- Energy stocks were rising premarket Tuesday, with the Energy Select Sector SPDR Fund ( XLE ) recently gaining 0.5%.

The United States Oil Fund ( USO ) was 1.3% higher, and the United States Natural Gas Fund ( UNG ) was down 3.1%.

Front-month US West Texas Intermediate crude oil was up 1.3% at $84.83 per barrel at the New York Mercantile Exchange. Global benchmark Brent oil gained 1.2% to $88.47 per barrel, and natural gas futures were 2.7% lower at $1.79 per 1 million BTU.

Schlumberger ( SLB ) and ChampionX ( CHX ) said they have reached a definitive agreement for SLB to buy ChampionX ( CHX ) in an all-stock transaction. Schlumberger ( SLB ) shares were down 0.5% while ChampionX ( CHX ) shares were up 11% in recent premarket activity.

Phillips 66 (PSX) gained 0.2% after the company said it reached a "major' milestone in converting its San Francisco refinery into a renewable energy complex, with the facility now producing about 30,000 barrels per day of renewable diesel.

Transocean ( RIG ) advanced 4.4% after the company said it extended its contract for the Deepwater Asgard with an independent operator in the US Gulf of Mexico by one year.