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.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.