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

The United States Oil Fund (USO) was up 2.9% and the United States Natural Gas Fund (UNG) was 0.8% higher.

Front-month US West Texas Intermediate crude oil was 3.2% higher at $87.06 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.5% to $94.22 per barrel, and natural gas futures were up 1.6% at $2.91 per 1 million British Thermal Units.

Equinor (EQNR) stock was up more than 4% after the company posted higher Q2 adjusted earnings and revenue.