US stock market opens higher as oil prices soar

NEW YORK (AA) - The stock market opened higher on Monday as crude oil prices reached their highest level this year.

The Dow Jones rose 23 points to begin the day at 17,558 points. The S&P 500 increased 3 points to open at 2,049, while the Nasdaq was up 12 points to begin the day at 4,730.

Wildfires in Canada, pipeline attacks in Nigeria, the fall in the U.S. crude oil inventories and production, and supply cuts in Venezuela have created an upward pressure on oil prices in the global market.

At the opening bell, the American benchmark West Texas Intermediate was up 3.2 percent to trade at $47.70 per barrel, and the International benchmark Brent crude was around $49.29 with a 3.1 percent increase.

The indexes concluded last week with declines as the Dow Jones and S&P posted their third straight weekly decrease, and the Nasdaq fell for the fourth consecutive week.

The stock market will focus Tuesday on consumer price index, housing starts, and building permits for April.