Wall Street up, crude oil down

U.S. Stocks were higher following three straight days of declining, meanwhile oil plunges to almost seven-year lows.

Major U.S. Indexes were under-performing in the past week as the decline in oil prices raises concerns among investors on the economic growth, according to a report from Reuters. Oil futures LCOc1 dropped to its lowest since 2009. After hitting 1.1 percent, U.S. Crude oil dropped lower.

However, traders are more focused on the global supply glut than just the decline of U.S. Crude stockpiles. Meanwhile, the stronger dollar is weighing on commodities. Investors fear that the oil prices might have a spill-over effect on the rest of the economy.

"The market is on a pause mode till we get some direction from the Fed," said Fort Pitt Capital Group senior equity research analyst Kim Forrest said in a report by The Daily Mail UK. "There is some amount of bargain hunting too as investors are price sensitive and we're going to see some sloppy trading today, because there is no major economic data or news."

CNBC reported that Brent futures and the West Texas Intermediate (WTI) dropped for the fourth consecutive day as price support measures weren't addressed in last week's OPEC meeting. OPEC reported Thursday a forecast that oil supply would decrease by 380,000 barrels a day in 2016. Meanwhile, OPEC's forecast on the oil demand in 2016 is still at 1.25 million barrels per day.

Meanwhile, investors are anticipating the Federal Reserve's two-day meeting on December 15 to 16 for the expected interest rate hike.

The Dow Jones industrial average increased 82.45 points, or 0.47 percent, to 17,574.75. The S&P 500 went up 4.61 points, or 0.23 percent, to 2,052.23. The Nasdaq Composite is up 22.31 points, or 0.44 percent, to 5,045.17. S&P's energy index gained 0.62 percent. Investors are looking for bargains on energy stocks as they hope for a bottom in oil prices.