Asian stocks up as oil prices climb

Brent oil added 1.6 per cent to $62.33 a barrel.

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By :  ,  Financial Analyst

Asian stocks were up today (December 22nd) amid an extended rally in crude oil, which rose for a second day.

Brent oil added 1.6 per cent to $62.33 (£40) a barrel, extending 19 December’s 3.6 per cent surge. West Texas Intermediate crude gained 1.5 per cent to $57.99 per barrel. 

Saudi Arabia’s oil minister Ali Al-Naimi said at the weekend he is confident crude prices will rebound as demand recovers.

Investors sentiment eased after last week's worries about tumbling oil prices and the crashing Russian rouble, which has lost nearly half its value in 2014 against the dollar. 

Markets bounced back on Friday (December 19th) as the US Federal Reserve said that it would be patient over interest rate increases.

Tokyo remained flat, edging up 13.74 points to 17,635.14. Sydney soared 1.94 per cent to 5,442, Seoul was up 0.68 per cent to 1,943.12, Hong Kong gained 1.26 per cent to 23,408.57 and Shanghai was up 0.61 per cent to 3,127.45.

Learn about the Asian markets and CFD trading at City Index.

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