Wall Street closes higher with oil rally

NEW YORK (AA) – Wall Street closed higher Monday after oil prices reached their highest level of the year.

Crude gained more than 2 percent after Russian President Vladimir Putin said Monday at the World Energy Congress that his country supported OPEC's attempt to limit oil production.

Mohammad Barkindo, OPEC secretary general, also said energy ministers participating in the meeting in Istanbul would meet Wednesday to consult on an oil production-cut decision taken at an informal OPEC meeting in Algiers last month.

At the final bell, West Texas Intermediate traded at $51.19 -- a 2.8 percent gain, while Brent crude was at $52.97 -- a 2 percent increase.