Oil revival rallies Asian markets

Jessica TranterLast Update : Tuesday 17 May 2016 - 3:42 AM
Oil revival rallies Asian markets

Oil price revival rallies Asian markets

A worker on an Iraqi oil refineryImage copyright Getty Images

Asian stock markets are rallying on Tuesday after oil prices hit a six-month high on signs the global supply glut is easing.

Brent crude, the international benchmark, is trading close to $50 per barrel while West Texas Intermediate (WTI), the US benchmark, is around $48.

Oil prices have gained more than 80% since hitting a 12-year-low earlier this year.

Both Japan’s benchmark Nikkei 225 and the broader Topix are up about 0.7%.

In Australia, the commodities-heavy benchmark S&P ASX 200 index rose 0.3%, led by gains in energy-related shares.

Over in South Korea the Kospi swung between gains and losses.

Source: BBC Business

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2016-05-17 2016-05-17
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Jessica Tranter