Oil price revival rallies Asian markets
17 May 2016
- From the section Business
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