NEW YORK (TheStreet) -- Stocks moved confidently higher on Wednesday morning as crude oil moved within reach of $62 a barrel and oil inventories fell at a faster-than-expected pace.
The Dow Jones Industrial Average added 0.8%, turning positive for the year. The S&P 500 rose 0.9% and the Nasdaq gained 1%.
Crude oil rallied on Wednesday as weekly domestic oil inventories declined 6.8 million barrels over the week ended June 6, according to the Energy Information Administration. Analysts had expected domestic inventories to fall 1.7 million barrels after a 1.9 million-barrel decline a week earlier. West Texas Intermediate crude jumped 2% to $61.34 a barrel.
Also giving the commodity a boost, the Organization of the Petroleum Exporting Countries said in its monthly report that it expects oversupply to "ease over the coming quarters." OPEC kept its forecast for demand growth unchanged at 1.18 million barrels a day in 2015.
European markets were higher Wednesday, with Germany's DAX up 1.2%, as investors focused on big moves in the pharmaceutical sector and shook off concerns over bonds and Greece's future that have plagued the eurozone in the past week. Drugmakers Roche Holding (RHHBY) and Novartis (NVS) were among the biggest movers on European markets.