Oil prices in Tokyo remain at their highest levels in three years amid surging demand as the global economy continues to recover from impact of the coronavirus pandemic.
Benchmark Dubai futures for March delivery rose above 54,500 yen per kiloliter at one point on Monday. That is about 485 dollars and the highest in yen terms since October, 2018.
On Friday, the US benchmark WTI topped 80 dollars a barrel, the highest in about seven years.
The decision last week by major oil producing nations not to pump more crude has aggravated concerns about tight supply.
In Japan, gasoline prices continue to rise, leading to growing concerns that higher costs for businesses could affect their bottom line.