US stocks open higher, supported by recovery in oil

US equity indices began the week on a moderately positive note, ahead of key monetary policy decisions expected later this week from the Federal Reserve and the Bank of Japan. 

At the time of writing, Dow Jones Industrial Average gained 80 points to 18,205, while the broader S&P 500 index added 9 points to 2,148 and the Nasdaq Composite rose 22 points to 5,267.

Commodities-related stocks were among the gainers during opening hour of trading, boosted by a rebound in crude oil prices led by reports of a possible output freeze agreement and military conflicts in Libya.

Markets now brace for monetary policy decision announcements from the Bank of Japan and the US Federal Reserve on Wednesday. Fading expectation of any action from FOMC has been the key driver for the US markets. However, BOJ monetary policy decision would also grab attention as any disappointment has the potential to trigger a fresh bout of volatility in global financial markets. 

In other markets, weakness in the overall US Dollar Index helped dollar-denominated commodities - like gold, to stage a minor recovery, while European equity markets also moved higher amid prevalent risk-off sentiment.