Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.

The United States Oil Fund (USO) was up 2.9% and the United States Natural Gas Fund (UNG) was 1.4% lower.

Front-month US West Texas Intermediate crude oil was 4.6% higher at $100.48 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.8% to $105.03 per barrel, and natural gas futures were down 1.5% at $2.78 per 1 million British Thermal Units.

TotalEnergies (TTE) and its partners plan to invest $10 billion in Angola over the next five years to increase oil output in the country, news outlets reported, citing remarks made by TotalEnergies Chief Executive Patrick Pouyanne at a conference. Shares of TotalEnergies were up 0.2% pre-bell.