Australian shares have traded at the highest level in three years tracking positive cues from Wall Street and rise in oil prices as most of the other regional bourses remained closed for public holidays.

Australia's S&P/ ASX 200 Index was up 0.1 percent at 12: 41 pm in Sidney marking the highest level since April 2010 while New Zealand's New NZX 50 was down 0.1 percent.

In Australia, JB Hi-Fi Ltd, the country's second-largest electric goods retailer jumped 15 percent after it reported better-than-expected half yearly earnings.

Brent oil futures traded at near nine-month high in London following reports of increase in China's net crude imports.

The euro slipped to a two-week low and briefly fell to $1.3325 before recovering to $1.3370 while the yen climbed against the counterparts.

Other regional bourses including equity markets in China, Hong Kong, South Korea, Taiwan, Vietnam, Singapore and Malaysia are closed for Lunar New Year holidays. Japan was closed for National Foundation Day.

In Europe, finance chiefs of the region would be meeting in Brussels to discuss aid to Cyprus and Greece. With the agreement on European Union budget deal, the focus has been shifted to Italy's elections, to be held between 24-25 February and the political scandal in Spain.