Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.3%.

The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 1.2% higher.

Front-month US West Texas Intermediate crude oil was 4.3% higher at $73.45 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.5% to $77.46 per barrel, and natural gas futures were up 1.1% at $3.30 per 1 million British Thermal Units.

Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.