Markets Right Now: Energy sector leads gains on Wall Street

Stocks are moving higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

U.S. benchmark crude oil rose 3 percent to almost $48 a barrel in New York after analysts at Goldman Sachs said the oil market has gone from oversupply to deficit far more quickly than expected.

Stocks are opening higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

European stocks edged lower after weak industrial data from China, but trading volumes were thin due to a bank holiday in several countries.

Chinese government data showed factory output in April was weaker than expected, fueling concern that a possible economic rebound supported by government stimulus might be faltering