China stocks rose on Thursday, helped by robust gains in resources firms, as rising oil prices aided a rally across commodities.
The blue-chip CSI300 index ended 1.2 percent higher at 3,811.84, while the Shanghai Composite Index gained 0.9 percent to 3,117.38.
Sectors rallied across the board, led by materials and energy firms. Oil prices rose on Thursday to their highest in over three years as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies. The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight.
Source : Reuters