Investing.com - Crude oil prices jumped in Asia on Friday as investors saw signs of a more upbeat picture for Japan's economy and stabilization in China's stock market.
Crude oil for delivery in October on the New York Mercantile Exchange rose 1.89% to $43.37 a barrel.
In Japan, July national CPI was flat, a better showing than the 0.2% drop seen, while the unemployment rate fell to 3.3% from 3.4%. But household spending eased 0.2%, well below the 1.3% gain expected.
Just after those data sets, Japan reported July preliminary retail sales data showed a gain of 1.6%, better than the 1.1% rise seen.
Investors now looked ahead to the Federal Reserve's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, due to begin later Thursday.
While Fed chair Janet Yellen is not expected to attend, Fed Governor Stanley Fischer is scheduled to participate in a panel discussion about U.S. inflation developments on Saturday.
His comments will be closely watched for further hints regarding the strength of the economy and on the timing of a Fed rate hike.
Overnight, crude oil futures rallied sharply on Thursday, as appetite for riskier assets improved amid a global stock market rally.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery jumped $1.66, or 3.84%, to trade at $44.80 a barrel.
Wall Street rose sharply after the open on Thursday, with the Dow and S&P 500 extending strong gains from the prior session, when they notched their biggest one-day gain in four years.
Meanwhile, in China, the Shanghai Composite rallied more than 5% on Thursday to reclaim the critical 3,000-level, after crashing 23% over the past five sessions.
The upbeat sentiment carried over to European markets, where Germany's DAX rallied more than 3%, while France’s CAC 40 and London's FTSE 100 were both up around 2.5%.
Oil futures tumbled to six-and-a-half year lows earlier in the week, as steep declines on China's stock market and growing concerns over the health of the Asian nation's economy weighed.
The turmoil in markets began when China unexpectedly devalued the yuan earlier this month, sparking fears that the economy may be slowing at a faster than expected rate.