Tokyo, Japan (BBN)-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, reports BBC.
Oil prices have gained more than 80 per cent since hitting a 12-year-low earlier this year.
Both Japan’s benchmark Nikkei 225 and the broader Topix are up about 0.7 per cent.
In Australia, the commodities-heavy benchmark S&P ASX 200 index rose 0.3 per cent, led by gains in energy-related shares.
Over in South Korea the Kospi swung between gains and losses.
In Greater China markets, both the Shanghai Composite and Hong Kong’s Hang Seng are lower about 0.1 per cent.