Energy stocks were higher premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 1.3%.

The United States Oil Fund (USO) was up 3.4%, while the United States Natural Gas Fund (UNG) was 1.8% lower.

Front-month US West Texas Intermediate crude oil was up 3.8% to $74.09 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.7% to $78.80 per barrel, and natural gas futures were 1.5% lower at $2.90 per 1 million British Thermal Units.

Pembina Pipeline (PBA) stock was up more than 1% before market open, reversing the 0.8% fall in the prior session. Wells Fargo upgraded Pembina Pipeline to overweight from underweight and raised its price target to CA$76 from CA$55.