Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.1%.

The Philadelphia Oil Service Sector Index fell 0.4%, and the Dow Jones US Utilities Index shed 0.2%.

West Texas Intermediate crude oil rose 1.3% to $90.50 a barrel, and global benchmark Brent advanced 0.9% to $103.53 a barrel. Henry Hub natural gas futures gained 0.1% to $3.01 per 1 million BTU.

In corporate news, Peabody Energy (BTU) and Glencore are working together on a possible bid for coal assets in Venezuela's Zulia state, Bloomberg reported. Peabody shares rose 0.5%.