Stock markets in South Korea and Japan rose sharply in early trade after the US crude oil benchmark, WTI, fell more than 6 per cent.

South Korea’s benchmark Kospi rebounded more than 5pc, recovering after a sharp drop the previous day.

The Nikkei 225 in Tokyo also jumped more than 3pc, before falling back slightly.

Around 0030 GMT, the West Texas Intermediate (WTI) was down 6.54pc at $88.57 a barrel.

Brent Crude was down 6.78pc $92.25.