Energy stocks strengthen in Asia as oil prices top $45
HONG KONG (MarketWatch), March 9, 2009

Despite the overall losses in the Japanese market, shares of some energy stocks managed to post gains for the trading session as oil prices held their ground firmly above $46 a barrel.

Shares of Inpex Corp. (JP:1605: news , chart , profile ) closed up 4.5% and Nippon Oil Corp. (JP:5001: news , chart , profile ) (NPOIY:

nippon oil corp adr NPOIY 8.65, 0.00, 0.0%) shares rose 2.5% in Tokyo.

Strength in the energy stocks tracked the climb in crude-oil prices. April crude climbed as high as $46.76 per barrel in electronic trading on Globex. They were recently up eight cents at $45.60 a barrel.

"With oil prices able to stage a strong rally on Friday despite the dismal 651,000 [U.S.] jobs- loss report, I think there is a greater feeling now that a bottom for oil prices has been put in," said Robert "Tony" Nunan, an assistant general manager at Mitsubishi Corp. in Tokyo.

"And with the March 15th OPEC meeting around the corner, there may be more bullish news if Saudi delivers another cut," he said.

Crude prices finished Friday with a gain of 4.4% on the New York Mercantile Exchange, as weakness in the U.S. dollar and expectations for further production cuts by oil producers prompted prices to close at $45.52 a barrel.

Those factors offset data released Friday in the U.S. showing that the nation's economy lost 651,000 jobs in February, the fourth month in a row where job losses were near or above 600,000. See Economic Report.

For the week, the benchmark crude contract rose 1.7%. See Futures Movers.