16 February 2016•Update: 16 February 2016
NEW YORK
The U.S. stock market opened higher on Tuesday with rising oil prices after a number of oil producing countries agreed to limit their oil output levels.
The Dow Jones industrial average rose by 0.94 percent to begin the day at 16,124 points.
The Nasdaq increased by 1.40 percent to open at 4,398 points and the S&P 500 rose by 1.02 percent to begin the day at 1,883 points.
The rise in the stock market came with the increase in oil prices, after oil producers Venezuela, Saudi Arabia, Qatar and Russia met in Doha on Tuesday and decided to freeze their individual oil production at January levels, provided that other major oil producing countries would follow suit by cutting their production.
American oil benchmark West Texas Intermediate (WTI) climbed above $31 per barrel mark on Tuesday, marking a 2.7 percent rise. The global benchmark Brent jumped above $35 a barrel with a 3.4 percent increase.
The U.S. stock market was closed on Monday to observe the Presidents' Day.
