Wall Street gains positively affected Asian equities on the final day of the week. Japan's Nikkei 225 rose 0.84 percent during early trade to 21,643 points. The yen was initially traded at 106.06 per dollar, reaching a new 15 month high for the second day straight. Then it further climbed to 106.20 by 8:37 am HK.
HSI climbed 1.97 percent to 31115.43 points, gaining 599.83 points, the ASX 200 was up by 0.26 percent, or 15.40 points, to 5924.40 points. In Korea, KOSPI rose 1.11 percent to 2421.83 points, gaining 26.64 points while the SSE Composite index was up by 0.46 percent to 3199.48 points. Australian shares rose 0.30 percent, mostly due to gains in the financial sector. The Commonwealth Bank of Australia gained 1.20 percent while insurance company Suncorp surged by 2.85 percent.
Oil prices climbed on Friday as the dollar dropped close to a three year low. NYMEX crude delivery for March CLc1 rose 11 cents or 0.2 percent closing at at $61.45 per barrel on 0101 GMT. London Brent crude LCOc1 gained 0.4 percent or 2 cents settling at $64.57 per barrel. Brent went about 3 percent higher during the week after sagging more than 8 percent the week before.
Oil producers along with Russia and Saudi Arabia plan to formulate an agreement regarding a long term alliance by the year’s end, according to UAE energy minister Suhail al-Mazroui. OPEC and non OPEC producers are currently cutting output by a total of 1.8 million barrels a day to pull up prices under a deal that will conclude at the end of 2018.