By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Crude-oil futures extended gains Monday to edge closer to $69 a barrel, supported by a strong rally in Asian stocks that pushed Japan's Nikkei above the 10,000-point level and Hong Kong's benchmark index above 20,000.
Benchmark Nymex crude for September delivery climbed as high as $68.69 a barrel in electronic Globex trading Monday. The front-month contract later edged back slightly to $68.62 a barrel, still up 57 cents.
The gains came amid strength in equities, with Japan's Nikkei 225 Average up 1.6% at 10,106.80 in Tokyo afternoon trading, and Hong Kong's Hang Seng Index 1.3% higher at 20,234.28 in early afternoon trade.
September oil futures ended up 89 cents, or 1.3%, at $68.05 a barrel on the New York Mercantile Exchange on Friday, gaining for a second week in a row as a weaker dollar and resilient U.S. stocks boosted prices.
