Markets rise as oil hits highest level in over a year

Markets rose on Wednesday.

The S&P 500 rose 0.2 percent while the STOXX Europe 600 rose 0.3 percent.

US light sweet crude rose 2.6 percent, reaching its highest level since July 2015.

The rise in oil helped the energy sector in the S&P to lead gains in the US, rising 1.4 percent.

Earlier in Asia, the Nikkei 225 rose 0.2 percent but the Shanghai Composite was flat and the Hang Seng fell 0.4 percent after China reported that its economy grew 6.7 percent in the third quarter.