Asian equity markets raked in gains on Thursday, with the exception of Shanghai, as the fall in oil prices abated, while a positive finish on Wall Street overnight lifted trading sentiment.
U.S. stocks jumped overnight, with the S&P 500 rebounding from a five-session dive, as U.S. crude stopped a four-day skid and Germany left the door open to discussing options with Greece's next government on its debt.
The release of the Federal Reserve's December meeting minutes, which indicated the Fed wasn't ready to hike for at least the next couple of meetings, also helped sentiment. As a result, the Dow Jones Industrial Average rose 1.2 percent while the S&P 500 added 1.2 percent. The tech-heavy Nasdaq gained 1.3 percent.
Read MoreWhy oil will go even lower
Brent crude extended gains in early Asian trade to hold above $51 a barrel, bolstered by data showing the U.S. economy remained resilient amid slowing global growth. U.S. crude rose 57 cents to $49.22 after touching a peak of $49.65.
"There is still a glut in supply amid increasing production from various countries... but i think what has happened is that it's oversold on a fundamental basis," Andrew Su, CEO of Compass Global Markets, told CNBC this week.
"With the selloff way overdone, we are starting to accumulate long positions in crude oil now after being a bear for almost 2 years. We will see prices rising in the next quarter," he added.