Stocks rose and oil held below $90 a barrel after a report on the proposed release of oil reserves to ease higher energy prices boosted market confidence, following recent volatility across assets.
The MSCI Asia Pacific Index rose 1.8%, gaining for a second day, as the Wall Street Journal reported that the International Energy Agency proposed the largest crude reserve release in its history.
Brent dropped 1% on Wednesday after plunging 11% in the prior session. European shares were set for a muted open, while US equity-index futures rose 0.5%, signaling that equity gains may be sustained.
Technology shares, seen as less exposed to the war in the Middle East, surged, with a regional gauge climbing 4.2%. Broader confidence was also supported as Oracle Corp. shares jumped 8% in aftermarket trading on better-than-expected revenue.
“Markets are still skittish over the Middle East developments,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group. “Hence, any news of oil release from strategic reserves, whether from IEA or the US or the G-7 provides a bit of near-term relief for oil markets.”
Markets stayed choppy as oil suffered its steepest one-day slide in four years on Tuesday after mixed signals from the Trump administration on the Iran war.
