Oil rose above $71/barrel as the International Energy Agency boosted its global crude demand forecast. Despite the boost in demand forecast, the IEA still states that demand this year will likely fall 2.7% as global economies struggle to emerge from the recession. The news sent the United States Oil Fund (USO) up 0.6% in morning trading.
Despite opening on a sour note, all three major U.S. indexes jumped into positive territory with the Dow Jones Industrial Average adding 0.1%, the S&P 500 jumping nearly 0.3% and the Nasdaq gaining 0.4%.
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Kevin Grewal contributed to this article.