Asian shares were up again for a third straight session of gains on Thursday as positive data on U.S. jobs and a rally in a range of commodities whetted risk appetites globally.
Oil prices edged up on sentiment that a 20-month long market rout may have come to an end with production slowing down despite strong demand and talk of an OPEC plan to freeze production still alive.
U.S. West Texas Intermediate (WTI) crude futures were trading at $34.73 per barrel up 7 cents from their last settlement. WTI has gained over a third in value since Feb. 11, when prices dropped to little more than $26 per barrels, levels not seen since 2003. International Brent futures were up 3 cents at 36.96 a barrel, and up almost a quarter since Feb. 11.
The International Energy Agency (IEA) also said this week that prices had likely bottomed out.
Asian Markets Up
MSCI’s broadest index of Asia-Pacific shares outside Japan added another 0.9 percent to reach a seven-week top, having surged 2.6 percent on Wednesday while Japan’s Nikkei firmed 0.8 percent after seeing a 4-percent jump the previous session.
Higher prices for copper and iron ore helped Australian stocks rise 0.8 percent to their highest in almost two months.
Wall Street saw energy and bank stocks leading the market higher on Wednesday, pushing the Dow up 0.2 percent. The S&P 500 added 0.41 percent and the Nasdaq was up 29 percent.
U.S. private sector jobs added another 214,000 in February, fueling speculation that Friday’s payrolls report would also be upbeat.
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