Stock Futures Higher as Russia and Saudi Arabia Call for OPEC Deal Extension

Stock futures moved higher on Monday after energy ministers from Russia and Saudi Arabia called for an extension to an oil production cap agreement.

Author:: TheStreet Staff
Publish date:: May 15, 2017 8:50 AM EDT

Stock futures moved higher on Monday after energy ministers from Russia and Saudi Arabia called for an extension to an oil production cap agreement.

S&P 500 futures were up 0.1%, Dow Jones Industrial Average futures added 0.2%, and Nasdaq futures wereup 0.1%

Crude oil prices rallied on Monday morning after the surprise move from Saudi Arabia and Russia. The ministers called for the current deal among the Organization of the Petroleum Exporting Countries to be extended by nine months, far longer than what analysts had hoped. Speaking in Beijing on Monday, Saudi Arabia's energy minister, Khalid al-Falih, and Russia's Alexander Novak said they wanted the current agreement to continue holding back around 1.8 million barrels of oil from the market each day until the first quarter of 2018.