U.S. indices were recovering from a dip in premarket trading, climbing into positive territory midday as the market continues to march to the beat of the oil drum.
West Texas crude futures for April delivery were up $0.68 to $33.46 per barrel while Brent crude futures rose $0.81 to $35.91 per barrel. The move up comes after Saudi Arabia's cabinet said, "The kingdom (of Saudi Arabia) seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action," in a statement.
The S&P 500 and Dow Jones Industrial Average are both up 0.4% while the Nasdaq is climbing 0.6%.
Warren Buffett's Berkshire Hathaway (BRK.B) was rising after it reported a 32% increase in its fourth-quarter profit to $5.48 billion. Quarterly operating profit advanced 18% to $4.67 billion, or $2,843 per share, topping Thomson Reuters' consensus estimates of $2,814 per share. Revenue for the quarter jumped 7% to $51.82 billion.
SeaDrill (SDRL) shares were up over 18% on heavy volume Monday, continuing to climb after the company reported its fourth-quarter earnings results Thursday. Earnings of $0.54 per share topped analysts' expectations of $0.45.
Federal-Mogul (FDML) shares were spiking 46% on extremely heavy volume following reports that billionaire Carl Icahn offered to buy the 18% stake in the auto parts maker that he doesn't already own.
QEP Resources (QEP) shares were dropping on more than six times its daily volume after the company announced an upsized offering of its common stock two sessions after topping analysts' fourth-quarter earnings results.
Finally, fellow oil company, Chesapeake Energy (CHK) was down 4% on heavy volume despite the rise in oil prices today.