Wall Street moved higher with oil prices and better-than-expected US corporate earnings including from Facebook.
Oil prices rose amid fresh reports about efforts to lower the global glut between the world's top producers. To be sure, OPEC poured cold water on an Interfax report that it had scheduled a meeting with Russia to discuss a coordination in output cuts.
"It's possible that Russia could be testing the waters to gauge how OPEC members would respond to the idea of cuts," Jason Bordoff, director of the Centre on Global Energy Policy at Columbia University and a former senior oil official at the White House, told Bloomberg.
Oil last traded above US$33 a barrel, having pared some of its earlier gains.
"Oil's been firmly in control of the market," Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh, told Reuters. "I think what oil has become is a proxy for 'are we going into a recession?'"
Wall Street gained. In 12.55pm trading in New York, the Dow Jones Industrial Average advanced 0.4 per cent, while the Nasdaq Composite Index climbed 0.9 per cent. In 12.40pm trading, the Standard & Poor's 500 Index rose 0.7 per cent.