U.S. stocks rally on rising oil prices

U.S. stocks traded higher in the morning session Monday as investors cheered over a strong rebound in oil prices.

By midday, the Dow Jones Industrial Average added 51.95 points, or 0.28 percent, to 18,919.91. The S&P 500 gained 12.22 points, or 0.56 percent, to 2,194.12. The Nasdaq Composite Index was up 38.34 points, or 0.72 percent, to 5,359.85.

Oil prices surged Monday to their highest level in three weeks, with both U.S. oil and Brent crude jumping roughly 4 percent around midday, 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 nearly 2 percent around midday 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.

According to the CME Group's FedWatch tool Monday, market expectations for a December rate hike are 90.6 percent.

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. Endit