Energy stocks were broadly and sharply higher Monday, as a big rally in crude oil prices helped light a fire under the sector. The SPDR Energy Select Sector ETF ran up 1.4% in morning trade, making it by far the biggest gainer among trackers of the S&P 500’s 11 key sectors. Crude oil futures shot up 3.3%, after the energy ministers of Saudi Arabia and Russia said they endorsed a nine-month extension to production cuts agreed upon by OPEC. Oil and gas explorer Marathon Oil Corp.’s stock surged 5.2% to pace the S&P 500’s advancers. Among shares of other top S&P 500 gainers, Chesapeake Energy Corp. ran up 3.6%, Transocean Ltd. climbed 3.5%, Helmerich & Payne Inc. rallied 3.3%, Murphy Oil Corp. rose 3.3% and Hess Corp. gained 3.1%. The energy ETF closed at a nine-month low of $66.26 as recently as May 4, down 15% from an 18-month high of $77.83 on Dec. 13.
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