The Philadelphia Oil Service Sector index decreased 0.1%, while the Dow Jones US Utilities index added 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 6.4 million barrels in the week ended March 28 following a decrease of 3.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 6.2 million barrels after a 3.3-million-barrel decline in the previous week, compared with a 500,000-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil rose 0.8% to $71.75 a barrel, and the global benchmark Brent crude contract advanced 0.6% to $74.96 a barrel. Henry Hub natural gas futures added 1.9% to $4.02 per 1 million BTU.

In corporate news, RPC (RES) shares rose 2% after it said Wednesday it has acquired Pintail Alternative Energy for about $245 million in cash and securities. Pintail provides oilfield wireline services in the Permian basin, RPC said.

Eni (E) is gathering bids for a stake in its Plenitude unit and is discussing a potential valuation of up to 13 billion euros ($14.13 billion) for this stake sale round, Bloomberg reported. Eni shares eased 0.4%.

Prairie Operating (PROP) started developing 11 oil and natural gas wells at the Rusch Pad drilling site in Weld County, Colorado, to expand output in the Denver-Julesburg Basin. Its shares were down 0.1%.

ConnectM Technology Solutions (CNTM) shares surged past 49% after the firm said it has received a non-binding buyout proposal from its three largest institutional investors, valuing the company at about $46.5 million.

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