Wall Street closes higher as oil prices rise

NEW YORK (AA) - Wall Street closed higher Wednesday as crude prices continued to increase.

American benchmark West Texas Intermediate (WTI) traded at $53.10 a barrel with a 1.5 percent gain at the final bell, while international benchmark Brent crude was at $56.26 with a 1.4 percent rise.

OPEC's November deal to limit its output became effective on Jan. 1, while producers and investors hope the agreement will trim oversupply in global crude market and push prices higher.

As a result, the Dow added 60 points to finish the day at 19,942. The S&P rose 12 points to 2,270.

The Nasdaq increased 47 points to end the day at 5,477.