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US stock market opens higher with oil price rise

US stock market opens higher with oil price rise
Canadian wildfires raise concerns on secure oil supply from country

NEW YORK (AA) - The stock market opened higher on Tuesday with increasing oil prices.

The Dow Jones rose 79 points to begin the day at 17,785 points. The S&P 500 increased 8 points to open at 2,067, while the Nasdaq was up 15 points to begin the day at 4,765.

Oil prices were on the rise at the opening bell, as wildfires in the oil-rich Canadian province of Alberta continue to raise concerns in the global crude market about secure oil supply from the country's tar sands.

Due to the wildfire, around 1.5 million barrels of oil production per day on average have been taken off the global crude market, which have created an upward pressure on oil prices.

The American benchmark West Texas Intermediate was up 3.4 percent to trade at $45.30 per barrel when the stock market opened, and the International benchmark Brent crude was around $46.12 with a 3.3 percent increase.

source: News Feed
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