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Asian markets are higher on oil rebound and strong US lead Asian markets rally as oil prices rebound
(about 5 hours later)
Markets in Asia traded higher, picking up on a rebound in oil prices and a strong lead from the US and Europe. Markets in Asia have rallied, picking up on a rebound in oil prices and a strong lead from the US and Europe.
The slight relief comes after days of heavy sell-offs earlier in the week. The recovery comes after a sharp sell-off earlier in the week.
Comments from European Central Bank chief Mario Draghi that more monetary easing was being considered also added to traders' confidence. Hints from European Central Bank on Thursday that it might consider more monetary easing helped lift investors' confidence.
The region's largest market, Japan's Nikkei, rose 3.2% to 16,524.91 points after hitting at 15-month low the previous day. In Japan, the Nikkei 225 jumped 5.9% to close at 16,958.53, after hitting at 15-month low the previous day.
Amid takeover reports, electronics company Sharp saw its shares rise another 7%.
Media reports that the struggling company had received takeover bids from Taiwan's Foxconn and state-backed Innovation Network had already sent the stock higher on Thursday.
Markets in China also managed to recover some of the past days' heavy losses.Markets in China also managed to recover some of the past days' heavy losses.
The mainland benchmark Shanghai Composite gained 0.8% to 2,901.32 points, while Hong Kong's Hang Seng rose 2.2% to 18,950.19 points.The mainland benchmark Shanghai Composite gained 0.8% to 2,901.32 points, while Hong Kong's Hang Seng rose 2.2% to 18,950.19 points.
Markets were encouraged by a recovery in oil prices, which had hit 12-year lows earlier in the week.
Brent crude was up 98 cents at $30.23 a barrel, while US crude was 85 cents higher at $30.38 a barrel.
Commodity shares profitCommodity shares profit
In Australia, the S&P ASX 200 rose by 1.1% to 4,917.40 points. In Australia, the S&P ASX 200 closed by 1.1% higher, at 4,916.00 points.
Among the market's standout performers were several of the big oil and commodity companies, buoyed by a rise in the oil price.Among the market's standout performers were several of the big oil and commodity companies, buoyed by a rise in the oil price.
BHP Billiton and Rio Tinto were 6.3% and 2% up respectively, while Santos climbed just under 10%. BHP Billiton and Rio Tinto were 7.5% and 3.4% up respectively, while Santos climbed 11%.
Stocks of winemaker Treasury Wine Estates also stood out, jumping as much as 12.5% to a record high after the company provided strong full-year profits guidance in a market update. Stocks of winemaker Treasury Wine Estates also stood out, jumping as much as 17.5% to a record high after the company provided strong full-year profits guidance in a market update.
In South Korea, the benchmark Kospi index followed the region's trend, gaining 1.8% to 1,873.11 points. In South Korea, the benchmark Kospi index followed the region's trend, closing the day 2.1% higher at 1,879.40 points.
Draghi reassures marketsDraghi reassures markets
In London, Paris and Frankfurt, markets closed almost 2% higher, while Wall Street finished up as oil prices had their biggest one-day gain this year. On Thursday, shares in Europe and the US closed higher, helped by comments from European Central Bank (ECB) president Mario Draghi.
Confidence was also boosted by Mr Draghi, promising more monetary easing to steady the eurozone if necessary. After the ECB had kept eurozone rates on hold, Mr Draghi hinted that the bank might take more action to try to stimulate the eurozone economy later this year.
He said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to reflate the eurozone. He said the bank would "review and possibly reconsider" monetary policy at its next meeting in March.
His reassurance helped to offset fears about the low oil price and worries about global growth. Mr Draghi also said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to reflate the eurozone.
Oil rebound
The oil price recovered during US trading, although it remains at around 12-year lows.
Oil prices have been falling since mid 2014, as oil-producing countries have maintained their high output output levels despite the decline in revenue.
Pointing at the excess supplies on the market, the the International Energy Agency earlier this week warned that oil markets could "drown in oversupply" in 2016.
Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible."
Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel.