Asian Stocks gained momentum as crude oil starts to rally !
Asian Stocks gained momentum as crude oil starts to rally !

Asian stocks gained a boost  on Thursday in with a catalyst to their equation.  With oil price rally after OPEC members agreed to chain the output - boosting investor risk appetite. 

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent. 

Commodity-heavy Australian shares advanced 0.6 percent and South Korea's Kospi gained 0.7 percent. Japan's Nikkei rose 0.9 percent after losing 1.3 percent the previous day. 

Overnight, European shares gained on a recovery in battered Deutsche Bank shares while the Dow rose 0.6 percent and the energy index had its best day since January in light of the OPEC agreement. 

After Wednesday, the price of oils gained weight at nearly 6 percent. Later, OPEC struck a deal to limit crude output,  which was astonishing for many in the market, at its policy meeting in November. It was OPEC's first agreement to cut production since 2008. 

"With profits being squeezed the battle for market share can't go on and this deal ushers in a new period of cooperation between OPEC nations and specifically between Saudi Arabia and Iran," wrote Kathy Lien, managing director of FX strategy for BK Asset Management.

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