Asian stocks rally as crude oil prices stabilize

Asian stocks rallied Wednesday in light trading following gains on Wall Street and stabilization of crude oil.

Hong Kong's benchmark Hang Seng index climbed 1.2 percent to 22,080.37 while South Korea's Kospi gained 0.3 percent to 1,999.22. The Shanghai Composite Index in mainland China added 0.5 percent to 3,668.45 and Australia's S&P/ASX 200 rose 0.5 percent to 5,141.80. Japanese markets were closed for a holiday.

Oil prices are staging a recovery that's helping lift energy and material stocks. U.S. crude futures rose 30 cents, or 0.8 percent, to $36.44 in electronic trading on the New York Mercantile Exchange. The contract closed up 33 cents to $36.14 a barrel Tuesday. Brent crude, which is used to price international oils, added 39 cents, or 1.1 percent, to $36.50 a barrel in London. Prices for both contracts had fallen by more than a third over the past year but gains over the past day have provided hope to investors that the sector has hit bottom and is now stabilizing.