Oil soars in Asia

On Friday, crude oil gained during Asia trade, though the profits failed to lift other sectors, keeping most of the region’s share markets in the red.

In early Asian trade, West Texas Intermediate crude futures soared 0.1%, with Brent giving up its revenues to trade 0.3% lower. Crude oil entered into bull market overnight in America as dropping stockpiles as well as talk of an output cap by the Organization of the Petroleum Exporting Countries generated profits in the energy market.  The WTI crude prices have edged up 22% since August 2.

In Australia, the S&P/ASX 200 went up 0.1%, backed by commodity heavyweights BHP Billiton Ltd, that managed to earn 1.9%, and also Rio Tinto Ltd. adding 1%.

Australian oil and gas explorer Woodside Petroleum Ltd gained 2.8%, even though its revenues for the first-half missed estimates. However, broker RBC Capital Markets told operating costs appeared to be pleasingly better than forecast, while an upgrade on annual output guidance was welcomed.

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