Energy stocks were edging higher pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.3%.

The United States Oil Fund (USO) was 3.5% higher and the United States Natural Gas Fund (UNG) was down 0.1%.

Front-month US West Texas Intermediate crude oil was up 4.4% at $92.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose by 3.2% to $103.13 per barrel, and natural gas futures were 0.7% higher at $2.91 per 1 million British Thermal Units.

Borr Drilling (BORR) stock was up more than 1% after the company said it has agreed to acquire five jack-up rigs from Fontis Finance for $287 million, with closing expected during Q3, pending regulatory approval.