Market Report – Oil Rallies

Today Asian shares saw mild profits after a strong week, while the rise in oil supported energy-linked shares around the region.

Strong results from Google and IBM fueled optimism of a global recovery, but didn’t seem to help Asian shares that much.

Oil rose for a seventh session to a one-year high above $78 a barrel.

Energy-linked shares like China’s CNOOC and PetroChina chugged higher, while transport firms were down on higher fuel costs ahead.

Shares of Japan Airlines plummeted to a new record low. The Japanese government says its restructuring plan for the debt-laden carrier was coming soon. Japan’s transport minister says his government is committed to JAL, which has asked creditors for $6.3 billion in aid… and whose shares fell 25 percent this week.

The Korean won’s near 13-month peak against the dollar hit the Seoul tech exporters like Samsung and LG, and carmaker Hyundai Motor.

(NTDTV)