Tokyo, Japan (BBN)-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 per cent to $40.94 a barrel, while the price of West Texas crude rose 5 per cent to $38.32, reports BBC.
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 per cent to 16,826.94 points by mid-morning.
Australia’s benchmark S&P/ASX 200 was up 0.2 per cent 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 per cent.
Shares in Origin Energy, which is involved in oil and gas exploration, were up 1.8 per cent.
In South Korea, the Kospi index rose 0.62 per cent to 1,965.08.
Fresh numbers from Beijing showed China’s consumer inflation rose to 2.3 per cent 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 per cent year-on-year.
Hong Kong’s Hang Seng index was up 0.54 per cent to 20,104.41 points.
China’s Shanghai Composite was bucking the regional trend however and was down 0.75 per cent to 20,104.41.