ASX gains 1.3% on open

Summary

• Oil rises 2% overnight with West Texas Intermediate at $US40.55 and Brent at $43.24. 
• Gold is flat at $US1978.90. 
• Futures point to gains of 1.6% at the opening of the ASX200 this morning. 
• Oil Search to write down assets by $500 million due to drop in oil prices.