US Stocks Gained Due To 4Month High Oil Prices

US stocks gained yesterday as oil prices reached a new four-month high, being on $52 a barrel and boosted energy shares.
The Dow Jones Industrial Average was up 75.00 points, or 0.70 per cent, at 10,748.79. The Standard & Poor?s 500 index was up 9.40 points, or 0.79 per cent, at 1,200.20. The technology-laced Nasdaq Composite index was up 20.45 points, or 1.01 per cent, at 2,051.45.

Oil prices rose on forecasts and concerns over continuing cold weather in the US that should boost demand for dwindling heating-fuel inventories.

US Light Sweet futures for April delivery were 28 cents higher at $51.45 after soaring to $52.05, the highest level since the 1 November peak of $52.50.

ExxonMobil rose 1.8 per cent to $60.50 and ConocoPhillips was up about 1.5 per cent at $108.77.

Rising oil prices tend to lift shares of energy companies but also raise concerns that higher energy costs will pinch most companies? profits and curb consumer spending.

"The oil price is up modestly and the energy sector is outperforming yet again," said Edward Keon, chief investment strategist at Prudential Equity Group.