Asian stock Rise, Oil Passes US$50

Asian share markets were higher as oil prices rose above $50 a barrel on speculation major producers are going to reduce output.

Crude prices have risen more than 20% since early August, meaning oil has swung back into a bull market. Japan's Nikkei rose 0.4% to close at 16,545.82 while the broader Topix also increased 0.4% to 1,295.67. Australia's S&P/ASX 200 closed 0.34% higher at 5,526.70 while New Zealand's NZX 50 gained 0.3% to 7,405.25. 

South Korea's Kospi index closed flat at 2,056.24. Shares in Samsung rose a further 2% having hit a record in the previous trading session. In Greater China, Hong Kong's Hang Seng reversed early gains to stand 0.2% lower at 22,974.79. 

Source : XINHUA