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

pulse

May 15, 2017 4:25 PM

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.

Iraqi workers stand near a pipeline as it ejects oil at Al Tuba oil field in Basra, southeast of Baghdad

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:

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