01:26 PM EDT, 03/26/2025 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index adding 0.9% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index advanced 0.8%, and the Dow Jones US Utilities index was rising 0.5%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.1 million barrels in the week ended March 21 following an increase of 2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.3 million barrels after a 1.7-million-barrel gain in the previous week, compared with the 2-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 1.3% to $69.90 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $73.15 a barrel. Henry Hub natural gas futures added 1.7% to $3.91 per 1 million BTU.

In corporate news, Phillips 66 (PSX) said Wednesday it has nominated four candidates to stand for election to the board of directors ahead of the upcoming annual shareholders' meeting. Phillips 66 shares rose 0.8%.