The benchmark S&P BSE Sensex was up 2.17% at 49,656.93 by 0457 GMT after rising as much as 3.2% to 50,154.48. The NSE Nifty 50 index climbed 2.1% to 14,581.10.

The European technology sector rose 1.4%, while the STOXX 600 index gained 0.8%.

Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.

The preliminary level for dry natural gas production in November 2020 was 2,757 billion cubic feet (Bcf), or 91.9 Bcf/d. This level was 4.8 Bcf/d (-5.0%) lower than the November 2019 level of 96.7 Bcf/d.

The blue-chip NSE Nifty 50 and S&P BSE Sensex indexes rose more than 3.5% to 3.7% after the budget.

U.S. Rig Count is up 6 from last week to 384, Canada Rig Count is up 2 from last week to 174.

Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.

The benchmark STOXX 600 index dropped 1.6% in early trading

Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.

OPEC reaffirms its faith – time and time again – of the need for dialogue, cooperation, and respect.

"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

The pan-European STOXX 600 fell 1.9%, turning negative for the year

Brent climbed 51 cents, or 0.9%, to $56.42 a barrel. WTI rose 41 cents, or 0.8%, to $53.02.

European share indexes opened in the red. The STOXX 600 was down around 0.3% on the day