Most Asian stock markets gain as oil prices near eight-week highs

Most Asian stock market indices were trading in the green on Friday (19 August) with the Shanghai Composite up 0.06% at 3,105.83 as of 6.46am GMT, amid an increase in oil prices, which are now said to be near their eight-week highs.

Oil prices got a boost after news released overnight hinted that the Organization of the Petroleum Exporting Countries (Opec) and major oil exporting countries could sign a deal to tackle the oversupply of the commodity.

"The [overnight] bounce in oil was helped along by further jawboning from the former president of Opec, Chakib Khelil, who stated that an Opec supply-freeze deal was on course because its biggest members were already producing at record levels," Angus Nicholson, a market analyst at brokerage firm IG, was quoted as saying by CNBC.

Investors are said to be eagerly awaiting the annual meeting of the world's central bankers scheduled to be held next week at Wyoming, US. Janet Yellen, chairperson at the US Federal Reserve, is expected to provide clarity as to when the US central bank could increase its interest rates.

"Investors would also want to wait for next Friday (26 August) when Yellen will be speaking, hoping she may at least provide some clarity on the Fed's view, given a confusing minutes report," Bernard Aw, market strategist at IG, was quoted as saying by Reuters.

Meanwhile, indices in the rest of Asia were trading as follows at 6.55am GMT

Overnight (18 August), the Dow Jones Industrial Average closed at 18,597.70, up 0.13%, while the FTSE 100 closed at 6,868.96, up 0.14%

Among commodities, oil prices were trading in the green. While WTI crude oil was trading higher by 0.87% at $48.64 (£37) a barrel, Brent crude was trading 0.43% higher at $51.11 a barrel as of 7am GMT.