Funds are putting more money into oil because of rising geopolitical risk about Iran. Gains in Tokyo reflect records abroad.

Imports on the other hand are up because of rises in oil prices. Still, on a volume basis exports are growing more than imports.

Aside from the effects of high oil prices, growth in imports in general can be interpreted as a sign that domestic demand is robust, another reason to say the Japanese economy is on the right track.

With lower oil prices and the services report coming in better than expected, optimism about exporters is spreading and helping to boost their shares.

Crude today is pushed up by gasoline. Gasoline prices in New York are higher as we approach the driving season, and because of concern that supplies may be limited because of issues with the new specification.

There will be dips as players take profits ... but the market continues to set its sights on reaching $600.