Increasing Oil Prices a Boost to Asian Markets

An increase 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.