Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index adding 0.9% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index advanced 0.4%, and the Dow Jones US Utilities index was rising 0.5%.

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 was rising 1.3% to $69.90 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $73.84 a barrel. Henry Hub natural gas futures added 1.7% to $3.91 per 1 million BTU.

In corporate news, Phillips 66 (PSX) said it has nominated four candidates to stand for election to the board for the upcoming annual shareholders' meeting. Phillips 66 shares rose 0.6%.

VivoPower (VVPR) shares surged 73% after the firm said it's in advanced talks with Abu Dhabi-based Energi on an unsolicited all-cash takeover offer at an enterprise value of $120 million.

Exxon Mobil (XOM) shares added 1.1%. The firm said it will spend $100 million to revamp its chemical plant in Baton Rouge, Louisiana, to produce pure isopropyl alcohol for cleaning semiconductor chips.