The greater Asian markets sustained its hawkish streak led by energy gains and the oil price rebound.

The MSCI Asia Pacific Index rose  0.8 percent to open in Tokyo at 140.97 after closing yesterday at its lowest since Jan. 22. Brent crude, the London-based ICE futures Europe Exchange benchmark meanwhile, picked up to US$56.82 per barrel, 20 percent up from its January 13

Like Us on Facebook

This is seen as a reaction to a speculated decline in oil production from reduced investment.

Likewise, West Texas Intermediate (WTI) for March delivery climbed US$1.67 to close at US$51.57 a barrel on the New York Mercantile Exchange. It rose as high as US$50.84 in the morning. In general, oil prices yesterday surged, extending its longest rally since August as strikes continue at US refineries.

The strikes have seized the production of approx. 1.82 million barrels a day of fuel, at over 200 refineries affected.

Across the Pacific, US shares picked up as oil recovers and as January car sales beat expectations. The Standard & Poor's 500 index (S&P 500) rose 29.18 points to end the session at 2,050.03, as the Dow Jones industrial Average index (DJIA)  likewise soared as high as  305.36 pts. to 17,666.40 and the NASDAQ index  surged 51.05 points to 4,727.74.

Wells Fargo Fund Management in Winconsin's Chief portfolio strategist, Brian Jacobsen says: "The key focus is what's going to happen with the European Central Bank and Greece. There's enough overlap of interest that they can come to a compromise. Nobody would win if Greece ended up defaulting."

Yanis Varoufakis, Greece's new Finance Minister backed down from a plan to ask countries in the euro-area to write down the country's debt.

Australia's S&P/ASX 200 Index jumped 1.3 percent, near its highest close since May 2008. Meanwhile, the Reserve Bank of Australia eased monetary policy by reducing interest rates by25 basis points to a record low of 2.25 percent.

Japan's Topix index climbed 1.1 percent as South Korea's Kospi index grew 0.6 percent and New Zealand's NZX 50 Index rose 0.3 percent. In the meantime, China's Shanghai Composite Index climbed 2.5 percent on Tuesday, advancing for the first time in almost a week.

Rumors of the 2nd largest economy engaging in monetary easing abound from the manufacturing sectos' contraction last month. Later today more data on China's service industries will be released by HSBC Holdings Plc and Markit Economics.

TagsOil, asian shares, Oil Price Rebound