Energy stocks fell premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) declining by 1.3% recently.

The United States Oil Fund (USO) was down 3% and the United States Natural Gas Fund (UNG) was 1.6% lower.

Front-month US West Texas Intermediate crude oil was down 4.3% at $57.00 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 4.2% to $60.20 per barrel. Natural gas futures were 1.4% lower at $3.417 per 1 million British Thermal Units.

The US administration has revoked licenses for BP (BP) and Shell's (SHEL) Venezuelan gas projects, which are required for a liquefied natural gas facility in Trinidad and Tobago, the Financial Times reported, citing sources familiar with the matter. Shares of BP were over 1% lower premarket.

Eni's (E) second floating liquefied natural gas project in Mozambique was approved Tuesday, multiple media outlets reported, citing a government statement. Shares of Eni were down 0.6% pre-bell.

Phillips 66's (PSX) challenge from activist investor Elliott Investment Management has won the backing of investor Gregory Goff, Bloomberg reported, citing a letter it reviewed. Phillips 66 shares were up 0.1% premarket.