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Asian stocks set to open higher following US gains

CNBC logo CNBC 12-08-2016 Saheli Roy Choudhury

Futures pointed to a higher open for Asian markets on Friday, following record high finishes in the U.S. amid a rebound in oil prices. 

Australia's SPI futures traded at 5,498, similar to the ASX 200 (.AXJO)'s last close at 5,508.01.

Japanese markets are set to reopen with gains, after being shut Thursday for a public holiday.

Nikkei (.N225) futures in Chicago traded at 16,895, while Osaka futures were at 16,650. The benchmark index had closed the Wednesday session at 16,735.12.

Major U.S. indexes closed at new record highs, with the Dow Jones industrial average (.DJI) up 117.86 points, or 0.64 percent, at 18,613.52. 

Oil prices saw a sharp rebound overnight, with U.S. crude futures up 4.3 percent at $43.49 a barrel, while global benchmark Brent added 4.5 percent to $46.04.

"Oil has been at the heart of the move, helping high yield credit spreads to narrow relative to U.S. treasuries and put real backbone behind the feel good factor," said Chris Weston, chief market strategist at spreatbettor IG.

Sentiment on oil received a leg up after comments from Saudi energy minister, Khalid al-Falih, appeared to lend more credibility to the idea that OPEC might consider taking action if oil prices remained low.

To be sure, oil prices gyrated earlier this year amid speculation over steps OPEC could take to address the global supply glut. In June, OPEC members failed to reach an agreement on a new production ceiling.

The International Energy Agency (IEA) also said the world will consume less oil next year than previously thought, estimating global oil demand growth will slow from 1.4 millions of barrels a day in 2016 to 1.2 million barrels a day in 2017, which is 100,000 barrels below its previous forecast.

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