Markets Right Now: Wall Street opens higher

Energy stocks are among the gainers in early trading on Wall Street as the price of crude oil turns higher.

Joshua Mahony, market analyst at IG, says sentiment in markets appears to be "bullish by default" and that as a result it seems like it will "take something hugely significant to knock the indices off their strides."

The price of oil has recovered ground it lost since plunging early Monday, a sign possibly of greater investor confidence in the global economy.

Oil has been one of the main drivers in financial markets this year, when it fell to 12-year lows amid concern about high supply and weakness in the global economy.

For James Hughes, chief market analyst at GKFX, it's a sign that the oil market is "turning slightly to the upside" and that traders are willing to let crude trade at higher levels.

European stock markets are tracking their Asian counterparts higher as oil prices recouped losses they recorded in the wake of the failure of oil-rich nations to cap production.

The improving sentiment in stock markets has been helped by the rally in oil prices following an initial decline of about 7 percent in the wake of Sunday's failure by oil-producing nations to announce a production cap.