Stock futures edged higher on Monday morning as investors pinned hopes on a production freeze agreement among major oil producers.
S&P 500 futures gained 0.18%, Dow Jones Industrial Average futures rose 0.06%, and Nasdaq futures were higher by 0.22%.
Crude oil prices surged on Monday morning after Russian President Vladimir Putin suggested a willingness to agree to a production cap deal with Organization of Petroleum Exporting Countries.
"We will do everything that our partners from OPEC are expecting," Putin told reporters after an Asia-Pacific Economic Cooperation summit. "To freeze crude production is not an issue for us."
Putin also said there was a "high probability" that OPEC can agree on a production freeze details at a meeting in Vienna scheduled for Nov. 30. Iraq's oil minister, Jabbar al-Luaibi, added to optimism over the weekend after alluding to a number of new proposals that will be presented at the meeting in order to secure a deal. The alternatives "will make it easier for OPEC members to make a decision," he told The Wall Street Journal.
Oil prices have fluctuated as hopes over an OPEC deal rose and signs of a global supply glut exacerbated by record production from the world's largest oil producers continued. OPEC aims to limit production to 32.5 million to 33 million barrels a day. The bloc reached a record 33.83 million barrels a day last month.
West Texas Intermediate crude oil jumped 1.8% to $46.53 a barrel on Monday morning.
The likelihood of a December rate hike looked even more certain on Monday morning after Federal Reserve Vice Chair Stanley Fischer touted recent improvements in the U.S. economy.