Energy ETF Surges To 1 1/2-year High As Oil Prices Spike Higher

By Tomi Kilgore Markets MarketWatch Pulse

Energy stocks enjoyed a broad rally Monday, after an agreement by non-OPEC members to cut production sent crude oil futures surging to a 17-month high. The SPDR Energy Select Sector ETF shot up 1.6% in morning trade, to the highest level since June 17, 2015. Among the ETF's more-active components, Chesapeake Energy Corp. shares climbed 1.7%, paring earlier gains of as much as 6.2% to a 14-month high in intraday trade of $8.20. With volume of 21 million shares, the stock was the third-most actively traded on major U.S. exchanges. Shares of Chevron Corp. rose 2.2% and of Exxon Mobil Corp. rallied 2%, as they paced the gainers within the Dow Jones Industrial Average . Elsewhere, Noble Corp.'s stock gained 1.2%, Transocean Ltd. shares hiked up 1.5% and shares of Marathon Oil Corp. tacked on 2.7%.

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