Asian Stocks Edge Higher as Oil Prices Soar 4% Over the Night

Stocks in Asia traded higher on Thursday, following a positive session in Wall Street last night with the energy sector in S&P 500 outperforming others as oil prices rebounded.

 

As of 9:18 local time in Thailand on July 22, 2021, Nikkei gained 0.58%, SSEC increased 0.15%, HSI rose 1.58%, ASX 200 hiked 0.88% and Kospi advanced 0.98%.

Last night, Dow Jones rose 0.83%, S&P 500 gained 0.82% and Nasdaq increased 0.92%.

 

Over the night, Brent crude rose 4.15% to $72.23 per barrel, and WTI gained 4.61% to $70.30 per barrel, despite a rise in U.S. crude stockpiles that rose unexpectedly by 2.1 million barrels last week to 439.7 million barrels, compared to an estimate of 4.5 million barrel drop by analysts.