Oil Stabilizes, Supports Asia Shares

Oil prices stopped a sharp advance on Friday, adding stability to Asian share markets on ideas of limited economic impact.

After vaulting more than 7 percent to almost $120, Brent oil prices pulled back, underpinning regional share markets after a drubbing this week.

News that top world oil exporters Saudi Arabia is willing to plug any gaps in Libyan supply helped to calm global energy markets from the highest levels since 2008.

Safe haven investing had taken the Swiss franc to record highs this week, while also boosting the yen, which had weighed on Japanese exporter shares.

The Nikkei was slightly higher at midday, rising for the first time in four days.

Higher oil and commodity costs trimmed the pace of decline in Japanese prices to the slowest in nearly two years, the government said Friday.

Still, the Japanese government was worried that higher energy costs would ultimately chill economic performance.

Foto: NTDTV