Asian stocks advanced for the second day on Tuesday on the back of surge in oil prices and hopes of more central bank monetary easing efforts. At the time of writing, Japan’s Nikkei 225 index was up 1.66% or 266 points, after soaring 7.2% the day before, which was its biggest daily gain since September. South Korea’s Kospi was up 1.4% and Hong Kong shares were up 1.6%. The Shanghai Composite Index was trading 2.6% higher at 2,816.32 and Australia's S&P/ASX 200 was trading with 0.3% gain. Mario Draghi told the European Parliament on Monday that the bank has a range of instruments, which can be put to use, if it decides more stimulus is needed. Meanwhile, surging Yen and financial market turmoil has also triggered speculation that Bank of Japan may have to do more easing. Equities also received a boost from oil prices, which surged 4% at both the sides of the Atlantic. For more information, read our latest forex news.