Wall Street’s three main stock indexes – the Dow Jones, the S&P 500, and the Nasdaq Composite – also rose about 2 percent each on Thursday following a surge in oil prices.
Asia-Pacific stocks went up in morning trading on Friday, CNBC News reported.
Japan’s Nikkei 225 was 1.16 percent higher, while the Topix index rose 1.17 percent.
South Korea’s Kospi traded 0.68 percent higher.
Oil companies in the Asia-Pacific region also surged in morning trading, with Australia’s Santos gaining 10.83 percent and Japan’s Inpex trading 7.05 percent higher.
The US stock market also saw an upward trend on Thursday, with the Dow Jones Industrial Average closing 2.2 percent higher after US President Donald Trump said that Russia and Saudi Arabia would soon agree on market-regulating measures and oil prices began surging. Brent and WTI oil futures rose by roughly 10 percent on the day, trading at approximately $27 and $22 per barrel, on the back of Trump’s comments.
The oil market has been extremely volatile lately, due to concerns regarding the impact of COVID-19 on the global economy. So far, the number of COVID-19 cases has exceeded 1 million worldwide, with over 50,000 people dead, the count by Johns Hopkins University shows.