Oil-related stocks in Asia traded higher on Friday as oil prices recorded slight gains after touching two-week highs in the previous session.
Those gains in oil prices had come after U.S. crude stocks unexpectedly declined by 1.6 million barrels in the week ending February 16, Reuters said, citing data from the U.S. Energy Information Administration.
That compared to the 1.8 million-barrel rise in inventories forecast by experts.
Woodside Petroleum, Australia’s largest oil and gas company, was up 0.56 percent following those increases in prices.
More broadly, the S&P/ASX 200 energy sub-index traded higher by 0.68 percent in the afternoon Sydney time.
Meanwhile, Hong Kong-listed shares of Chinese oil producer CNOOC rose 0.88 percent in late morning trade local time.
Oil giant China Petroleum and Chemical Corporation, or Sinopec, added 1.11 percent.
“The unexpected fall in oil inventories in the U.S. should see support for crude oil prices remain strong,” said ANZ Research analysts in a Friday morning note.
“Prices were also supported by comments from UAE Energy Minister Suhail Al Mazrouei, who said the worry is undersupply, not oversupply, as demand remains strong amid the constraints on output,” they added.