Wall Street closes higher as oil prices soar

NEW YORK (AA) – News of falling gasoline inventories in the U.S. helped the stock market to finish in the positive territory Wednesday.

Crude prices soared around 4 percent after the Energy Information Administration said weekly gasoline stocks fell by 3.3 million barrels, relieving worries about a global supply glut and easing downward pressure on oil prices.

At the final bell, the American oil benchmark was up 4.1 percent to $41.10 per barrel, while international benchmark Brent crude was at $43.42 -- gaining 3.8 percent.

The sudden increase in oil prices helped Wall Street finish the day with gains.

The Dow Jones rose 41 points to 18,355, ending its seven-day losing streak. The S&P 500 was up 7 points to 2,164, while the Nasdaq gained 22 points to close at 5,160.

Stocks at energy companies also moved higher.

Chesapeake Energy Corp jumped 8 percent and Southwestern Energy Company saw its stock price rise 5.3 percent.