Monday, May 15, 2017

Energy stocks are climbing after Saudi Arabia and Russia agree to oil production cuts

Oil worker

The S&P 500 is showing signs of life, and it has the energy sector to thank.

Energy stocks in the benchmark rose as much as 1.5% on Monday after Saudi Arabia and Russia agreed to extend crude-oil output cuts until March 2018. The group was the best performer in the S&P 500, which climbed 0.4%.

The shares are tracking a 2.5% move higher in oil, the resource’s second-biggest jump since the start of December. 

Energy corporations are getting a much-needed relief rally, with the S&P 500 Energy Index having fallen to a nine-month low on May 4. The index has rebounded 3.2% over the past seven days.

Here are some energy stocks that are doing particularly well:

  • Marathon Oil (+3.9%)
  • Transocean (+3.9%)
  • Helmerich & Payne (+2.6%)
  • Halliburton (+2.5%)
  • Newfield Exploration (+2.2%)

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SEE ALSO: Oil prices jump as Russia and Saudi Arabia agree to extend oil-output cuts until March 2018

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from Joe Ciolli