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U.S. stocks open higher on rising oil prices

Xinhua, November 21, 2016 Adjust font size:

U.S. stocks opened higher Monday as investors cheered over a strong rebound in oil prices.

Shortly after the opening bell, the Dow Jones Industrial Average rose 36.37 points, or 0.19 percent, to 18,904.30. The S&P 500 gained 5.58 points, or 0.26 percent, to 2,187.48. The Nasdaq Composite Index added 15.52 points, or 0.29 percent, to 5,337.03.

Oil prices surged Monday to their highest level in three weeks, with both U.S. oil and Brent crude jumping over 3 percent in the early trading, as the Organization of the Petroleum Exporting Countries (OPEC) appeared to be moving closer to reaching an agreement to cut output next week.

In response, the energy sector leapt over 2 percent in the early trading Monday to lead the advancers in the S&P 500's ten sectors.

Meanwhile, investors also kept a close eye on the Federal Reserve's minutes from its November meeting, for more clues on the timing of a next rate hike.

Fed Chair Janet Yellen said on Thursday that it will be appropriate for the central bank to hike interest rate relatively soon, and warned of the risks of keeping rate low for too long.

Analysts took her comments as a clear indication that the central bank could raise interest rates next month.

There is no major economic report due Monday.

On Friday, U.S. stocks ticked down as Wall Street assessed several Fed officials' comments on monetary policy. Endi