Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.2% lower.

The United States Oil Fund (USO) was down 3.9%, while the United States Natural Gas Fund (UNG) was 0.6% higher.

Front-month US West Texas Intermediate crude oil was 2.8% lower at $71.14 per barrel on the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 3.1% to $74.72 per barrel, and natural gas futures were up 1% at $3.18 per 1 million British thermal units.

Baker Hughes (BKR) and Mantle Reach Power said they have signed a new commercial agreement for the large-scale deployment of geothermal energy in North America. Baker Hughes shares were up more than 9% premarket.