A jump in oil prices overnight has given stock markets across Asia a boost at the start of trading on Wednesday. Brent crude, which is seen as the international benchmark, climbed 3.3% to $40.94 a barrel, while the price of West Texas crude rose 5% to $38.32.
Expectations that the European Central Bank (ECB) may announce further stimulus measures later was also helping investor sentiment.
Japan’s Nikkei 225 was up 1.11% to 16,826.94 points by mid-morning.
Australia’s benchmark S&P/ASX 200 was up 0.2% to 5,166.60, helped by energy-related stocks.
Sydney-listed shares in Santos and Oil Search Limited, Papua New Guinea’s largest oil and gas producer, were both up about 2.5%. Shares in Origin Energy, which is involved in oil and gas exploration, were up 1.8%.
In South Korea, the Kospi index rose 0.62% to 1,965.08.
In China
Fresh numbers from Beijing showed China’s consumer inflation rose to 2.3% in February, a positive sign for demand in the world’s second-largest economy.
The National Bureau of Statistics figures showed that inflation had increased by the largest margin in nearly two years. The producer price index, however, fell 4.9% year-on-year.
Hong Kong’s Hang Seng index was up 0.54% to 20,104.41 points.
China’s Shanghai Composite was bucking the regional trend however and was down 0.75% to 20,104.41.