Asian markets edge up

Nikkei of Japan started on the red zone but later on was able to recover and rise by 0.23 percent. The larger Topix went higher by 0.17 percent. In South Korea, the Kospi index rose 0.77 percent during early trade. Automakers, financials and retailers recorded gains while manufacturing and tech stocks closed mixed. In spite of the overall gains, tech giant Samsung Electronics went down by 1.06 percent.

Markets in Hong Kong, New Zealand, and Australia were closed on Monday for the Easter Holiday.

Price of Oil surge on declining U.S. drilling activity

The price climbed on Monday thanks to decline in U.S. drilling activity. Speculations that the U.S. could reinstate sanctions on Iran also helped prices go higher. United States West Texas Intermediate crude futures settled at $65.18 per barrel at 0025 GMT, climbing by 0.4 percent, or 24 cents, compared to their past settlement. Brent crude futures were trading at $69.67 a barrel, gaining 0.5 percent or 33 cents.

In the week ending on March 29, U.S. rig count decreased by 7 to a total of 797. This was the first time that rig-count dropped in three weeks. Additional future ring count drop will enable crude prices to continue climbing backed by the OPEC led agreement to cut productions.

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