Crude Oil At 17-Month High On OPEC Commitments, Stocks Follow

The price of oil soared over the weekend and hit a 17-month high after OPEC and non-OPEC members struck an agreement to support oil prices.

By Monday morning, the price of oil gained more than 6 percent. Brent crude futures gained more than $2 per barrel to trade at $56.61 and traded as high as $57.89. U.S. crude futures also gained more than $2 per barrel and was seen trading at $53.75.

The agreement marks the first of its kind since 2001 and will see both OPEC and non-OPEC members collectively scaling back their oil output. Initial talks date back to the end of November when OPEC members agreed to slash their collective output by 1.2 million barrels of oil per day for six months as of January 1.

Over the weekend, non-OPEC members (led by Russia) agreed to reduce their own output by 558,000 barrels per day.

The United States Oil Fund LP (ETF) USO was up more than 4 percent early Monday.

Oil Stocks Trading Higher

Here is a rundown of some of the top performing oil stocks ahead of Monday's market open.

• Atwood Oceanics, Inc. ATW +11.42 percent.
• Noble Corporation Ordinary Shares (UK) NE + 10.99 percent.
• Oasis Petroleum Inc. OAS +10.55 percent.
• Whiting Petroleum Corp WLL +10.30 percent.
• ENSCO PLC ESV +8.18 percent.
• Chesapeake Energy Corporation CHK +8.16 percent.
• Baytex Energy Corp (USA) BTE +8.02 percent.
• Sasol Limited (ADR) SSL +6.33 percent.
• Exxon Mobil Corporation XOM + 1.6 percent.