TORONTO -- North American stock markets finished higher as investors seemed to shrug off news that OPEC oil ministers could not agree on a production cap during a meeting in Vienna.

In Toronto, the S&P/TSX composite index climbed 73.45 points to 14,136.99.

In New York, the Dow Jones industrials added 48.89 points to 17,838.56, while the broader S&P 500 gained 5.93 points to 2,105.26 and the Nasdaq rose 19.11 points to 4,971.36.

Stock markets were buoyed amid strengthening oil prices that came despite OPEC's failure to come to a consensus amid an impasse between Saudi Arabia, the group's largest producer, and Iran, which has been ramping up production after years of sanctions.

The July contract for benchmark North American crude rose 16 cents to US$49.17 a barrel, while the Canadian dollar fell 0.22 of a U.S. cent to 76.31 cents US.

Elsewhere in commodities, July natural gas rose two cents to US$2.40 per mmBTU, while August gold fell $2.10 to US$1,212.60 a troy ounce and July copper was unchanged at US$2.07 a pound.