HONG KONG (Nikkei Markets) -- Asian stocks outside of Japan rose, driven by advances for energy producers after oil prices soared to multi-year highs.
The Nikkei Asia300 Index climbed 1.2% to 1,442.06. Regional energy producers paced gains for the gauge, with PetroChina and CNOOC rising at least 4.4% each in Hong Kong. In Malaysia, Sapura Energy added 8.2%, while Singapore-listed rig builder Keppel Corp. advanced 2.2% and Adaro Energy added 3.8% in Jakarta. The rally for resources companies came after U.S. oil prices climbed 2.9% to $68.47 a barrel, while Brent crude rose 2.7% to $73.48 overnight following a drop in U.S. crude inventories. Major oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, Reuters reported, citing three industry sources.
