Wall Street was on track for record closes for benchmark indices as crude oil resumed its rally.
The S&P 500 gained 0.65% to trade at a record of 2,196. The Dow Jones Industrial Average rose 0.4% to 18,937 and the Nasdaq was higher by 0.78%. All indices were at intraday records.
Crude oil prices surged on Monday 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.
"At least some of this talk refers to a 'production freeze' which in our view wouldn't be enough to rebalance the market," Tim Evans, energy futures specialist at Citi, wrote in a note. "A 'freeze' might be more agreeable to oil producers, but significant cuts are needed if the market is to begin drawing down excess inventories prior to the second half of 2017."
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.