Asia Edges Higher as Tech Stocks Lead Despite Oil Price Decline

Asian markets rose on Monday as technology stocks led the way, fueled by artificial intelligence's insatiable demand for data. Japan was closed for Silver Week, leaving the dollar slightly weaker against the yen at 156.67.

The Nikkei futures rose 0.5%, while South Korea's tech-heavy index gained 1.5%. MSCI's Asia-Pacific shares outside of Japan increased by 0.8% and Chinese blue chips added 0.6%.

Oil prices declined despite ongoing tensions in the Middle East, with Brent falling 2.1% to $101.63 a barrel and US crude dropping 2.1% to $98.15. Data from Kpler showed that exports from OPEC's top producer had recovered to over 4 million barrels per day.

Vivek Dhar, head of commodities at CBA, stated that oil markets have 5 to 10 weeks before global inventories deplete, putting pressure on Washington to make a deal with Iran. US President Donald Trump will attend the United Nations General Assembly this week and meet with Chinese President Xi Jinping on Thursday.