Crude futures hit a six-month high yesterday as output disruptions were expected to cut into a long-standing glut in the market, while higher commodity prices boosted basic materials and energy shares.

The benchmark US Treasury yield rose after matching a one-month low hit Friday and the dollar ticked lower, caught between a weaker yen and a stronger euro.

The energy sector led Wall Street higher after the S&P 500 closed Friday its third straight week of losses. Apple, up 3.60 per cent at $93.78 after Warren Buffett disclosed a near $1 billion stake, also gave US stocks support.

The Dow Jones industrial average was up 156.42 points, or 0.89 per cent, to 17,691.74, the S&P 500 had gained 17.99 points, or 0.88 per cent, to 2,064.6 and the Nasdaq Composite had added 54.19 points, or 1.15 per cent, to 4,771.87.

The pan-European FTSEurofirst 300 share index closed down less than 0.1 per cent. Volume was constrained with the Frankfurt Stock Exchange among European bourses closed for a holiday.

MSCI’s gauge of stocks across the globe rose 0.64 per cent.

Oil prices rose sharply, partly after Goldman Sachs said disruption to supply had seen the market flip into deficit and US crude could trade as high as $50 per barrel in the second half of 2016.

Brent crude hit $49.47 per barrel, its highest price since early November.