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Oil price rise boosts Australian stocks Asian markets up ahead of US jobs data
(about 1 hour later)
Australian markets were off to a positive start on Friday, driven by gains in the energy sector. Markets in Asia rose on Friday as investors waited for the latest US jobs data.
The resource-heavy S&P ASX/200 index was up by 0.68% - or 36.10 points - to 5,315. The non-farm payrolls figures, due out later, will be studied closely to see if the Federal Reserve is likely to raise US interest rates soon.
Shares in major energy firms - Rio Tinto and BHP Billiton - chalked up gains in Friday's session. Japan's Nikkei 225 index closed up 0.4% at 16,630.14.
But shares in Suzuki fell 1.3% after Japan's transport ministry raided its headquarters as part of a probe into the carmaker's fuel efficiency tests.
China's Shanghai Composite climbed 0.65% to 2,944.90. In Hong Kong, the benchmark Hang Seng rose 0.5% - or 114.56 points - to 20,968.42.
South Korea's Kospi index closed out the trading week flat at 1,985.84 points.
Australia's S&P ASX/200 index finished up 0.8% - or 40 points - at 5,318.89, helped by an increase in commodity-related stocks. Mining giants Rio Tinto and BHP Billiton were both up by 1.4%.
Oil prices rose to a seven-month high, after a weekly US petroleum report showed a decline in the country's stockpile.Oil prices rose to a seven-month high, after a weekly US petroleum report showed a decline in the country's stockpile.
Energy prices rebounded, even though a meeting of the Opec oil producers' group failed to set a cap on the amount of oil the group produces. Opec members generate 40% of the world's crude oil exports. Energy prices rebounded even though a meeting of the Opec oil producers' group on Thursday failed to set a cap on the amount of oil the group produces. Opec members generate about 40% of the world's crude oil exports.
But Saudi Arabia has pledged not to flood the energy market by increasing production. The country's energy minister, Khalid Al-Falih, said: "We will be very gentle in our approach and make sure we don't shock the market in anyway."
Elsewhere in Asia, Japan's Nikkei 225 index was up by 0.2% at 16,589.97.
Shares of carmaker Suzuki fell by nearly 1% after Japan's transport ministry reportedly raided the company's headquarters. According to local media, the company admitted to using improper fuel-testing methods, which would have affected millions of cars. The admission had taken place several weeks ago.
China's Shanghai Composite was flat at 2,924.53, while in Hong Kong, the benchmark Hang Seng was up 0.3% at 20,923.98.
South Korea's Kospi index opened flat at 1,985.81.
US stocks rose overnight, in anticipation of positive data due on Friday from the world's largest economy.
Investors will be looking out for monthly US jobs data, due later on Friday, for further clues on whether the Federal Reserve will increase rates at its June meeting.