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

New York (May 15)  Stock futures moved mostly 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 dipped 0.02%.

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.

"The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their five-year average level," the ministers said in a joint statement, "as well as to underscore the determination of oil producers to ensure market stability."

An extension to the OPEC deal will be the main point of conversation when the 13 member countries meet in Vienna on May 25. The current agreement, established last November, is set to expire at the end of June.

West Texas Intermediate crude was up 2.9% to $49.22 a barrel on Monday morning.

The mood on Wall Street appeared wary after a massive outbreak of cyberattacks spread across Europe. The initial attack, known as "WannaCry," paralyzed computers running Britain's hospital network, Germany's national railway and scores of other companies and government agencies around the world.

Source: TheStreet