Energy stocks advanced late Thursday afternoon with the NYSE Energy Sector Index up 0.1% and the Energy Select Sector SPDR Fund (XLE) adding 1%.

The Philadelphia Oil Service Sector index increased 0.4%, while the Dow Jones US Utilities index fell 1.9%.

West Texas Intermediate crude oil rose 2.4% to $70.25 a barrel, while global benchmark Brent advanced 1.9% to $73.94 a barrel.

US natural gas stocks fell by 261 billion cubic feet in the week ended Friday, compared with a larger decrease of 271 billion expected in a survey compiled by Bloomberg and following a drop of 196 billion in the previous week.

Henry Hub natural gas futures shed 0.3% to $3.95 per 1 million BTU.

In corporate news, FirstEnergy (FE) shares fell 10%, a day after the company said it will adopt core earnings as the basis for measuring growth performance to exclude volatile items starting this year.

BP (BP) shareholder Elliott Investment Management is increasing pressure on the oil major as Chief Executive Officer Murray Auchincloss' turnaround plan lagged behind the hedge fund's expectations, Bloomberg reported. BP shares rose 1.6%.

Chevron's (CVX) canceled license to operate in Venezuela may result in a new agreement between the company and state-owned oil firm PDVSA to export crude to non-US destinations, Reuters reported, citing sources close to the talks. Chevron shares added 1.5%.

Eni (E) shares fell 1.8% after the company reported Q4 earnings and revenue that trailed estimates by analysts.