Asian stock markets settled higher on Monday, as oil prices rose on hopes of an OPEC production cut.

Japan's benchmark index, Nikkei 225 gained 138.61 points or 0.77 percent to settle at 18,106.02. China's benchmark index, Shanghai Composite rose 25.29 points or 0.79 percent to close at 3,218.15.

Hong Kong's Hang Seng went up 13.57 points or 0.06 percent to end at 22,357.78. Taiwan's TAIEX went up 32.32 points or 0.36 percent to end at 9,041.11.

On the other hand, Singapore's Straits Times declined 21.98 points or 0.77 percent to end at 2,816.67. South Korea's KOSPI lost 8.53 points or 0.43 percent to end at 1,966.05.