Energy stocks and sector-related exchange traded funds were among the lone areas of strength in U.S. markets Friday after the Organization of Petroleum Exporting Countries, along with oil-producing allies such as Russia, agreed to cut production to reduce the expanding global supply glut.
Among the better performing areas of the market on Friday, the Energy Select Sector SPDR (NYSEArca: XLE) rose 0.2%, Vanguard Energy ETF (NYSEArca: VDE) increased 0.5%, iShares U.S. Energy ETF (NYSEArca: IYE) advanced 0.3% and Fidelity MSCI Energy Index ETF (NYSEArca: FENY) gained 0.2%.
OPEC and its allies will reduce crude oil output by 1.2 million barrels per day, the Wall Street Journal reports.
Related: Top 34 Oil ETFs
Meanwhile, WTI crude oil futures were 2.9% higher to $53.0 per barrel and Brent crude gained 3.5% to $62.2 per barrel.