Oil surges; Travel stocks slammed; Exxon CEO in the spotlight

Oil prices surge to 2016 record: Oil has soared above $54 a barrel to its highest level in over a year.

LONDON — 1. Oil prices surge to 2016 record: Oil has soared above $54 a barrel to its highest level in over a year.

U.S. crude futures jumped more than 5% on Monday after Russia and other big oil producers agreed over the weekend to join OPEC members in cutting their output next month.

The group of nations — which also includes Mexico and Kazakhstan — will aim to reduce their production by 558,000 barrels a day, according to a statement. That follows OPEC’s deal last month to cut its overall production by 1.2 million barrels a day.

Less oil in the market should mean higher prices.

2. Travel stocks take a hit: Shares in major European hotel groups and airline operators are taking a hit Monday, along with Turkey’s main stock market index.

This follows twin bombings in Istanbul, Turkey, over the weekend that killed at least 44 people, mostly police officers. Over 150 people were injured.

A Kurdish militant group claimed responsibility for the bombings.

Deadly terrorist attacks over the past year or so have forced millions of travelers to nix their dreams of visiting places like Istanbul’s Hagia Sophia, the pyramids in Egypt and the Eiffel Tower in Paris. The violence has had a major impact on airlines and tourism spending.

Shares in European carriers Air France-KLM and Deutsche Lufthansa are both down by about 3%.

3. Stock market overview: U.S. stock futures are looking a bit soft Monday following a massive run-up last week.

U.S. stocks had their best week since the election and the Dow Jones industrial average, S&P 500 and Nasdaq all hit fresh record highs on Friday.

Looking abroad, there isn’t much enthusiasm right now in European or Asian markets either.

4. Stocks to watch — Exxon, Monte dei Paschi, Boeing: Shares in ExxonMobil will be in focus as CEO Rex Tillerson could be nominated as Secretary of State in Trump’s administration.

Multiple sources familiar with the transition process have told CNN that he’s the leading contender for the job.

The final announcement is expected to be made mid-week.

Shares in troubled Italian bank Monte dei Paschi are rebounding as investors hope the bank will be able to salvage a deal with investors to raise €5 billion ($5.3 billion). The expected alternative is a state bailout.

Boeing stock could see extra action Monday after the aircraft maker finalized its agreement to sell 80 airplanes to Iran Air, despite staunch opposition from many U.S. lawmakers.

Iran Air will get 50 737 airplanes and 30 777s, the first of which will be delivered in 2018. The deal was originally signed in June.

5. IMF boss heads to court: Christine Lagarde, the head of the International Monetary Fund, is standing trial Monday on charges that she was negligent in her handling of a fraud case dating back decades.

Lagarde denies any wrongdoing. The court hearing is set to run until Dec. 20.

If found guilty, she faces up to a year in jail and a fine of €15,000 ($15,900).