Energy stocks are leading the S&P 500 index performance on Tuesday, while most other sectors are in red, after Saudi Arabia and Russia announced an extension of oil supply cuts.
The energy sector of the S&P 500
XX:SP500.10
rose 0.9% on Tuesday, according to FactSet data. The broader index
SPX
dipped 13 points, or 0.3%.
The S&P 500 Energy Sector went up 12.3% so far in the third quarter, on track to be the top performing sector this quarter. The last time energy sector led the index was in the fourth quarter last year.
Saudi Arabia is extending a production cut of 1 million barrels a day for three months, according to the country’s official press agency Tuesday. Meanwhile, Russia is extending its own crude supply cuts.
West Texas Intermediate crude for October delivery
CL.1,
CLV23,
rose $1.46, or 1.7%, to $87.02 a barrel on the New York Mercantile Exchange on Tuesday.
Read: U.S. energy stocks are back on top as sector leads Wall Street for first time since last year
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