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U.S. crude oil rose Wednesday, snapping a four-session losing streak after a dip below $47 a barrel earlier in the day.
Light, sweet crude for February delivery CLG5, +0.97% rose 72 cents, or 1.5%, to settle at $48.65 a barrel on the New York Mercantile Exchange.
The contract had traded as low as $46.83 earlier, extending a 4.2% drop on Tuesday that left crude oil at its lowest since April 2009.
Gold snapped a three-session winning streak on Wednesday as a rebound in equities lured investors away.
Gold for February delivery GCG5, -0.30% fell $8.70, or 0.7%, to $1,210.70 an ounce, while March silver SIH5, -0.42% shed 9 cents, or 0.5%, to $16.54 an ounce.
Here are the latest trading levels for Asia's major stock markets:
Tokyo (Nikkei Average) up 2%
Hong Kong (Hang Seng Index) up 0.5% (at break)
Shanghai (Shanghai Composite Index) down 1.8% (at break)
Sydney (S&P/ASX 200) up 0.4%
Seoul (Kospi) up 1%
Mumbai (Sensex) up 0.8%
Taipei (Taiex) up 1.7%
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Asian equity markets rallied on Thursday, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh eurozone stimulus measures.
Confidence was also given a much needed boost by minutes from the US Federal Reserve's December meeting suggesting it will not hike interest rates before April.
Tokyo rallied 1.67 per cent by lunch as the yen gave up recent gains against the dollar, while Hong Kong added 0.88 per cent, Sydney added 0.77 per cent and Seoul surged 1.14 per cent. However, Shanghai was flat after already climbing more than four percent so far this year.
MALAYSIA share prices opened higher on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 5.21 points to 1714.40.
Volume was 34.19 million lots worth RM13.41 million.
Gainers outnumbered losers 127 to 36.
