Energy stocks rose late Wednesday afternoon with the NYSE Energy Sector Index adding 1.1% and the Energy Select Sector SPDR Fund (XLE) increasing 1.2%.

The Philadelphia Oil Service Sector Index gained 0.2%, and the Dow Jones US Utilities Index added 0.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 5.8 million barrels in the week ended Friday following an increase of 3.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks plunged by 6 million after a gain of 3 million in the previous week, a larger decrease than the drop of 850,000 expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil rose 1.9% to $62.94 a barrel, and global benchmark Brent crude contract advanced 1.9% to $67.04 a barrel. Henry Hub natural gas futures gained 0.2% to $2.77 per 1 million BTU.

In corporate news, Antero Resources (AR) shares rose 2.6% after UBS upgraded the stock to buy from neutral with a price target of $43.

Nabors Industries (NBR) shares jumped 16% after the company agreed to sell its Quail Tools unit to Superior Energy Services for a net consideration of $600 million plus adjustments for net working capital.

Talos Energy (TALO) shares climbed 4.7% after the company reported successful drilling results at the Daenerys exploration prospect in the Walker Ridge area of the US Gulf.

Permian Basin Royalty Trust (PBT) shares added 2.3%, a day after the company reached a $9 million settlement in its litigation against Blackbeard Operating.