Oil stocks are surging
Oil stocks are the top performers in the S&P 500 on Monday following news that OPEC and non-OPEC members reached an agreement to cut production and boost prices.
Late Saturday, Khalid al-Falih, the Saudi oil minister, announced a deal that between Saudi Arabia, the world's biggest oil producer and a core member of the OPEC group, and Russia, that led a consortium of other non-OPEC countries, to cut production by more than 500,000 barrels a day.
The agreement has sent oil prices up about 4% on Monday with Brent crude oil, the international benchmark, and West Texas Intermediate crude oil, the US measure, trading near $56.50 and $53.60 per barrel, respectively.
National Oilwell Varco (+5.2%), Conoco Phillips (+3.8%), Marathon Oil (+3.2%), Murphy Oil (+3%), and Newfield Exploration (+2.8%) are among the top 10 performers in the S&P 500 on Monday.
