The energy sector was the best performing group in the S&P 500 on Wednesday, gaining about 1.4 percent on the day.
The key energy ETF gained about 1.4 percent, while the broader market inched up a little less than 0.3 percent.
In late morning trading, U.S. West Texas Intermediate crude futures hit a high of $51.90 a barrel, its highest level since Jul. 2015.
