The June WTI crude oil futures contract in NYMEX ACCESS trade at 11:15 hours Tokyo time on Monday was at $46.92 per barrel (bbl), up 71cts from the closing price in New York on Friday while the July Brent contract in ICE After Hours Trading was at $48.59/bbl, up 76cts. Takayuki Nogami, a chief economist at Japan Oil, Gas and Metals National Corp (JOGMEC) said that, "while the impact of wildfires in Canada on oil sand facilities has decreased due to shifting winds, the day-to-day rise was attributed to buying brought on by a drop in the active rig count in the US and an increase of crude oil purchases by China due to higher operating rates at refineries." Nogami also noted that ongoing militant activities targeting oil facilities in Nigeria were also factored into buying taking place Monday morning. Meanwhile, the Nikkei Stock Average gained 162.93 points in Monday morning trade rising to 16,575.14 as the dollar strengthened to 108.82 to the yen.

RECX-22 index for Monday was at 71.14 points, down 0.09 points from the last Friday amid declines in crude prices and rise of value of dollar.