DHAKA: Asian stock markets are rallying on Tuesday after oil prices hit a six-month high on signs the global supply glut is easing.

Brent crude, the international benchmark, is trading close to $50 per barrel while West Texas Intermediate (WTI), the US benchmark, is around $48, reports the BBC.

Oil prices have gained more than 80% since hitting a 12-year-low earlier this year.

Both Japan’s benchmark Nikkei 225 and the broader Topix are up about 0.7%.

In Australia, the commodities-heavy benchmark S&P ASX 200 index rose 0.3%, led by gains in energy-related shares.

Over in South Korea the Kospi swung between gains and losses.

In Greater China markets, both the Shanghai Composite and Hong Kong’s Hang Seng are lower about 0.1%.

BDST: 1318 HRS, MAY 17, 2016
RR

**Asia stocks shrug off poor China data