ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Nikkei Markets

Resources stocks lift Nikkei Asia300 Index after oil climbs

Chinese automakers rebound, while mainland lenders extend gains

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more