Wall Street end higher with oil price rally

NEW YORK (AA) - Wall Street ended higher Thursday as oil prices extended their gains on a weaker dollar.

The Dow Jones rose 23 points to end the day at 18,597 and the S&P 500 was up four points to 2,187. The Nasdaq increased 11 points to 5,240.

After the Federal Reserve's July meeting showed Wednesday that it is less likely for the bank to make a rate hike next month, value of the U.S. dollar decreased against major currencies, helping oil prices extend their gains.

At the final bell, American benchmark West Texas Intermediate traded at $48.34 a barrel with a 3.3 percent increase, and international benchmark Brent crude was up to $50.82 -- up 2 percent.

During trading hours, Brent crude climbed to as high as $51.05 a barrel -- its highest level since June 23. And, West Texas Intermediate increased as high as $48.38 per barrel -- its highest level since June 15.