By Ovunc Kutlu
NEW YORK (AA) – Wall Street closed higher on the first trading day of 2017 as oil prices reached their highest level in 18 months.
American benchmark West Texas Intermediate (WTI) climbed to as high as $55.24 a barrel, while International benchmark rose to $58.38 – their highest levels since July 2015.
OPEC’s deal in November to limit production took effect Jan. 1. Producers hope the move will trim the glut of global supply, and it helped push crude prices higher Tuesday, according to experts.
Investors, however, took a short-term position after the historic rise and caused crude prices to reverse earlier gains.
At the final bell, WTI traded at $52.52 and Brent crude was at $55.71.
The losses did not trim gains in the stock market.
The Dow finished the day gaining 118 points to 19,881. The S&P rose 18 points to 2,257.
The Nasdaq increased 45 points to close at 5,429.
