Asian indexes were already on the positive territory on Tuesday’s opening bell after the surge in oil prices, following the Saudi Arabia and Russia ministers announced that they will prolong the production cuts until March 2018.
In an exclusive interview with CNBC last Monday, Prime Minister of Japan Shinzo Abe noted that his country would extend to push the trans-Pacific pact; however he anticipated that the United States would join them. This made the Japanese benchmark Nikkei 225 rose as much as 0.5 percent.
Across the Korean Strait, the Kospi index added more than 0.64 percent on the previous trade. Australian benchmark ASX 200 was 0.31 percent higher driven by the rising of their materials sub-index by 0.86 percent.
As of today, investors are keeping an eye on the report from the Washington post that U.S. President Trump disclosed as highly confidential information whilst his conference with Russian officials. The information was highly subtle and it is incredibly critical when released to the public, as it puts the relationship with an ally in peril. The said associate has access to the private workings of the Islamic State, officials told the post.
On the stateside, markets in the United States also benefited from the gains of oil. The Nasdaq composite added 0.46 percent and the S&P 500 was 0.48 percent higher.
Global benchmark Brent crude edged higher by 0.31 percent to finish at $51.98 per barrel, and U.S. crude rose 0.37 percent at $49.02 per barrel. The U.S. West Texas Intermediate surged as much as 3 percent on the day as the news was released. Russia and Saudi Arabia are the biggest oil producers in the world.