The June WTI crude oil futures contract in NYMEX ACCESS trade at 11:15 Tokyo time on Tuesday was at $43.30 per barrel (bbl), down 14cts from the closing price in New York on Monday while the June Brent contract in ICE After Hours Trading was at $43.66/bbl, up 3cts from the close in London on Monday. With Saudi Arabia appointing a new oil minister that is not seen as cooperative as the outgoing minister has been with other oil producing nations, "it is likely we will see less emphasis by Saudi Arabia on addressing the ongoing supply glut in the market," Tatsufumi Okoshi, a senior economist at Nomura Securities said. Over the past few sessions, declines in oil production in Canada due to raging wild fires pushed prices higher and although that still offered some support to crude oil markets, bearish sentiment tied to changes in Saudi Arabia left markets exposed to bearish and bullish factors that left prices mixed. Meanwhile, the Nikkei Stock Average gained 229.47 points in Tuesday morning trade rising to 16,445.50 as the dollar strengthened to 108.48 to the yen.

RECX-22 index for Tuesday was at 69.74 points, up 0.74 points from Monday with increases in indices for most oil products.