Business

Oil price revival rallies Asian markets

A worker on an Iraqi oil refinery Image copyright Getty Images

Asian stock markets rallied on Tuesday after oil prices hit a six-month high following 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.

Japan's benchmark Nikkei 225 closed 1.1% higher at 16,652.80.

In Australia, the commodities-heavy benchmark S&P ASX 200 index rose 0.7% to end at 5,395.90, led by gains in energy-related shares.

In South Korea, the Kospi index swung between gains and losses before closing flat at 1,968.06.

In China, the Shanghai Composite index fell 0.3% to 2,843.68 while Hong Kong's Hang Seng finished the day up 1.2% at 20,118.80.