Oil prices rose to a record high in late September as global demand for crude from Canada, Russia and Venezuela continued to grow.
The gains are helping fuel a rebound in U.S. demand for refined products and are keeping the Dow Jones Industrial Average higher.
The Dow is up more than 3,000 points in 2017, or more than a third of the year.
The rally in crude prices has been a boon for oil-producing states like Texas, Louisiana, Alabama and Arkansas.
And oil-dependent states like Pennsylvania, Ohio, Michigan and Indiana have seen their demand for the commodity fall.
“This is a tremendous boon for the U.K. and other exporting states,” said Chris Anderson, chief market analyst at IHS Markit.
Oil producers are benefiting from the recovery in demand for their product as they continue to invest to diversify their economies.
The Organization of the Petroleum Exporting Countries, which is the world’s largest oil producer, said in a statement it is also supporting the development of oil-rich regions by encouraging more investment and increased exploration.
While the dollar is strengthening, U.N. Secretary-General Antonio Guterres said he expects the global financial system to continue to grow, but “with some significant adjustments.”