Shares advanced in Asia on Tuesday, lifted by a surge in oil prices and an overnight rebound on Wall Street thanks to a solid showing…
Shares advanced in Asia on Tuesday, lifted by a surge in oil prices and an overnight rebound on Wall Street thanks to a solid showing from big technology companies.
Shares rose in Hong Kong, Sydney and Singapore. Markets in Tokyo, Shanghai and Seoul were closed for a holiday.
A recovery in oil prices was helping drive gains in Asia on Tuesday as the U. S. benchmark added $1.79, or nearly 9%, to $22.18 per barrel in electronic trading on the New York Mercantile Exchange. It climbed 61 cents on Monday to $20.39.
Brent crude, the standard for international pricing, picked up $1.58 to $28.78 per barrel.
“The feeling on the floor is that energy is in a better spot, and while it’s not brilliant, the supply/demand equation is starting to shift in a more positive direction,” Chris Weston of Pepperstone said in a report.
Oil prices had collapsed as demand plummeted amid business shutdowns and travel restrictions due to the pandemic. A price war between Russia and other oil producers further roiled the market. At one point, U. S. benchmark crude was priced so low that producers would have been paying customers to take the oil away.
