Asian shares, oil prices track Wall Street rally

Asian share markets saw an increase on Tuesday, while oil prices reached a 13-month high record on demand-driven optimism. The series of gains followed after Wall Street recorded a historic high, while an endorsement from Tesla Inc greatly supported Bitcoin.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.32%, easing from its 730.16 record seen in January. Korean shares advanced 0.92% during their early session, while Chinese blue chips jumped 0.49%. Hong Kong traded 0.24% higher.

Oil prices extended their gains to reach a 13-month high. Bitcoin, on the other hand, breached $47,000 for the first time as it sealed a 20% jump. The increase followed after Tesla Inc invested around $1.5 billion in Bitcoin, with expectations that the virtual coin will become one of the company’s payment methods in the future.