Equity benchmarks gained strength after yesterday's quiet trade, supported by banks, auto and telecom stocks.
In late-morning Asian trade, US benchmark West Texas Intermediate for November delivery advanced 54 cents to USD 45.28 and Brent crude for November added 44 cents to USD 48.13 a barrel.
Watch the interview of Kathy Bostjancic, Director US Macro Investor Services, Oxford Economics with Surabhi Upadhyay on CNBC-TV18, in which she shared her reading and outlook on US Jobs report.
Uptick towards 62.30/dollar will see exporter selling. The RBI monetary policy tomorrow will be keenly awaited and will give further direction to the markets, says Agam Gupta of Standard Chartered.
Markets are now awaiting the release of US nonfarm payrolls data to gauge the strength of the economy and its likely impact on the Federal Reserve's stimulus tapering.
After a stellar 2013 major stock markets appear to be on the back foot amid a mixed start to the US earnings season and Friday`s soft US jobs report.
The Nikkei ended 241.12 points lower at 15,880.33 after climbing 1.9 percent on Wednesday to snap losses on the first two trading days of 2014. Tokyo stock markets began this year's trading on Monday.
The Nikkei ended 350.35 points higher at 15,650.21, while the yen was down 0.2 percent at 103.08 to the dollar, adding to Friday's 1.1 percent slide and edging closer to a six-month low of 103.38 yen touched last week.
US July-Sept GDP data and initial jobless claims are due at 1330 GMT. But analysts say Friday's US jobs report for October may provide the most telling insight into the impact of a government shutdown last month that may provoke an extended continuation of Fed bond-buying which undermines the dollar
Kevin Cummins of UBS Securities believes that the US job reports were in line with the consensus. He added that the economy would grow at 2-3 percent in the second half of this year.
Japan's Finance Minister Taro Aso was reported saying on Friday that he was watching foreign exchange markets although currency moves were not at a stage where he would consider intervention.
President Barack Obama said on Friday that European leaders face an "urgent need to act" to resolve the region's financial crisis as the threat of a renewed recession there spells dangers for an anemic U.S. recovery five months before elections.
Nilesh Shah of Axis Direct sees attractive opportunities emerging from the current market turbulence.
Gold remained under pressure on Thursday after disappointing data from both sides of the Atlantic fueled concerns about global growth.
Japan's Nikkei average fell 1.5% to post its fifth straight day of losses on Monday, with a weak US jobs report raising fresh concerns over recovery in the world's largest economy and as a stronger yen weighed on exporters.
Oil was down in Asian trade today following a slump in US job creation as well as soaring Chinese inflation rates, analysts said.