Energy markets and related exchange traded funds climbed Monday after Saudi Arabia and Russia reached a compromise on oil policy for the Organization of Petroleum Exporting Countries and its allies, or OPEC+, liming output levels to stabilize global crude oil prices.

Among the best performing non-leveraged ETFs of Tuesday, the Invesco S&P SmallCap Energy ETF (NasdaqGM: PSCE) jumped 9.8%, SPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES) advanced 9.3%, VanEck Vectors Oil Service ETF (NYSEArca: OIH) advanced 9.7%, and iShares U.S. Oil Equipment & Services ETF (NYSEArca: IEZ) increased 9.9%. Meanwhile, the broader Energy Select Sector SPDR (NYSEArca: XLE), the largest equity-based energy exchange traded fund, was up 7.9%.

The United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, were also up 5.1% and 5.6%, respectively, on Tuesday. WTI crude oil futures were up 5.3% to $50.2 per barrel, and Brent crude gained 5.3% to $53.8 per barrel.

After failing to reach a deal on Monday, the Saudi-led Organization of the Petroleum Exporting Countries and a Russian-led group of big oil producers are expected to complete the compromise later Tuesday, the Wall Street Journal reports.

Last month, OPEC+ agreed to raise production by 500,000 barrels per day, lifting net cuts since the start of the pandemic to 7.2 million barrels per day. The group plans to restore 2 million barrels per day of output in the months ahead.

Russia initially opposed last month’s restrictions and wanted a greater increase of 500,000 barrels per day for February, arguing that oil demand would return after the global dissemination of the coronavirus vaccination programs.

On the other hand, Saudi Arabia and most other producers wanted to maintain output restrictions, citing concerns over another round of lockdowns and the slow spread of vaccines.

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