Asian equities began a holiday-shortened week on a bright note on Monday, as a rebound in oil prices improved sentiment in global markets.
A positive finish on Wall Street last Friday also delivered gains to Asia. U.S. stocks rose for a third session, with the S&P 500 rising 3.4 percent for the week - tallying its second-best week in nearly two years.
"Markets ended last week on a positive note with the post-FOMC meeting bid tone continuing to resonate through the globe. The rebound in oil prices also helped underpin sentiment," IG market strategist Stan Shamu wrote in a note.
Oil prices rose in early trading on Monday as consensus spread that Brent crude prices would likely remain above $60 for the rest of the year. Front-month Brent was trading at $62.04 and U.S. WTI's front-month contracts were up $0.69 at $57.82 a barrel.
However, some analysts remain bearish on oil's outlook. "Unless Saudi Arabia balances the market, prices could fall to $15-20 a barrel. The question is why are we stopping here at the moment and how long is it? We'd be a bit suspicious on [oil prices] finding a floor," Mike Harrowell, director of Resources Research at BBY told CNBC.