Asia Gains as crude oil surge Improves risk Appetite

Asian stocks gained on Thursday in tandem with an oil price rally after OPEC members agreed to curb output - boosting investor risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent. Commodity-heavy Australian shares advanced 0.6 percent and South Korea's Kospi gained 0.7 percent. 

 

Japan's Nikkei rose 0.9 percent after losing 1.3 percent the previous day. Overnight, European shares gained on a recovery in battered Deutsche Bank shares while the Dow rose 0.6 percent and the energy index had its best day since January in light of the OPEC agreement. 

 

Oil prices settled up nearly 6 percent on Wednesday after OPEC struck a deal to limit crude output, seen as a surprise by the market, at its policy meeting in November. It was OPEC's first agreement to cut production since 2008.

 

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