Both contracts jumped more than 2 percent on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world’s biggest oil exporter, had called other producers to discuss the recent slide in crude prices.

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are likely to open higher on Friday following gains in Asian and after reports that the government may announce several market-friendly measures, including withdrawal of a hike in income tax surcharge on FPIs. Asian shares advanced supported by gains in US stocks and better-than-expected macro-economic data from China. Indian shares rose over 1.5 percent in the previous session. At 7.20 AM, the SGX Nifty futures traded 0.11 percent up at 11,083, indicating a positive start for the Sensex and the Nifty 50.

Weighing on risk appetite was a report from Bloomberg that Washington is delaying a decision about licenses for US firms to restart trade with Huawei Technologies. That sent US stock futures down as much as 0.6 percent in early Asian trade.

Indian shares are likely to open higher on Friday following gains in Asian and after reports that the government may...