By MarketWatch SAN FRANCISCO (MarketWatch) -- Energy stocks were slightly ahead of the market after the open Wednesday, led by a boost in crude prices and positive economic news from Europe. Crude oil for August delivery made modest gains on the New York Mercantile Exchange, adding 41 cents, or 0.5%, to $76.35 a barrel. The gains came after a successful European Central Bank loan auction, indicating that credit is easing overseas. The central bank allotted 131.9 billion euros, or $161.1 billion, in three-month refinancing. Read more on the ECB loan auction. The NYSE Arca Oil Index (XOI 897.74, +7.58, +0.85%) bumped up 0.75% to 897.39 points, with 11 of 13 components trading higher. BP PLC (BP 28.62, +0.95, +3.43%) was far ahead of the leaders, gaining 4% to $28.78 a share, further indicating the oil giant may be a good takeover candidate. Oil industry analysts have speculated about the possibility of Royal Dutch Shell PLC (RDS.A 51.01, -0.18, -0.35%) and Exxon Mobil Corp. (XOM 57.45, +0.16, +0.27%) leading takeovers of BP. Some of BP's gains may have stemmed from Hurricane Alex, which strengthened overnight from a tropical storm and is heading away from oil and gas rigs in U.S. waters of the Gulf of Mexico. Landfall is expected late Wednesday or early Thursday. Read more about Hurricane Alex. The NYSE Arca Natural Gas Index (XNG 490.06, +4.17, +0.86%) gained 0.7% at 489.13 points. The Philadelphia Oil Service Sector Index (OSX 167.61, +3.51, +2.14%) was up 2% to 167.40 points, with all 15 components higher in morning trading.

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