Oil, Energy ETFs Surge as OPEC Cuts Output

Crude oil and energy exchange traded funds rallied Thursday after the Organization of Petroleum Exporting Countries agreed to the first output cut since 2008, with Saudi Arabia relaxing its position on Iran amid stubbornly low oil prices.

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Oil services companies, those among the worst-off during the prolonged depressed oil environment, led the rebound on Thursday, with the Market Vectors Oil Service ETF (NYSEArca: OIHSPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES iShares Dow Jones U.S. Oil Equipment Index ETF’s (NYSEArca: IEZ

SEE MORE: Energy ETFs May Be Seeing Clearer Skies Ahead

Meanwhile, the United States Oil Fund (NYSEArca: USO

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United States Brent Oil Fund (NYSEArca: BNO

“OPEC made an exceptional decision today… After two and a half years, OPEC reached consensus to manage the market,” Iranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings, said, according to Reuters