Stocks held higher on Monday morning as an early-morning surge in crude oil prices plateaued around $47 a barrel.
The S&P 500 gained 0.38%, the Dow Jones Industrial Average rose 0.15%, and the Nasdaq was higher by 0.38%. The S&P 500 traded at an intraday record of 2,193.72 earlier in the session, while the Nasdaq scored a new record of 5,359.9.
Crude oil prices surged on Monday morning after Russian President Vladimir Putin suggested a willingness to agree to a production freeze 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 2.8% to $46.96 a barrel on Monday morning.