For investors looking to play this trend, here are some energy stocks with the greatest long-term upside potential. The sector has added 0.5% this week as oil prices rallied from news of extended voluntary oil supply cuts from Saudi Arabia and Russia until year-end. Oil and natural gas company Diamondback Energy is another name on the list. Natural gas producer EQT , oil and gas giant EOG Resources , as well as petroleum refining and marketing company Valero Energy , are also Wall Street favorites. For investors looking for energy stocks but who do not want to bet on individual names, the Energy Select Sector SPDR Fund (XLE) and the iShares U.S. Energy ETF (IYE) track companies in the sector.

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Persons: Russell, Halliburton, Nitin Kumar, EQT, — CNBC's Michael Bloom Organizations: Energy, CNBC, Oil, Resources, Diamondback Energy, Diamondback, Energy Partners, Warwick Capital Partners, Valero Energy, Mizuho Securities, Valero, Energy Investment, U.S . Energy Locations: Saudi Arabia, Russia, Oil and Texas, EQT, U.S, XLE