Japan Nikkei up, buoyed by energy gains

(Adds stocks, details)

* Resource-linked shares climb on high oil prices

* Nikkei heading for worst first half since 1995

* Scattered weakness in exporters also weighs

By Elaine Lies

TOKYO, June 30 (Reuters) - Japan's Nikkei stock average edged up 0.3 percent on Monday as high oil prices buoyed trading houses such as Mitsubishi Corp (8058.T) and other energy-linked shares despite sparking worries about the global economy, while retailers dragged on the market.

Scattered weakness in blue-chip exporters such as Sony Corp (6758.T) also weighed amid thin trade ahead of Tuesday's release of the Bank of Japan's tankan survey of business sentiment.

But major banks managed to beat off selling after their U.S. peers slid on worries about more credit losses after Lehman Brothers forecast Merrill Lynch MER.N would write down another $5.4 billion in the second quarter, while Moody's Investors Service said it may cut Morgan Stanley's (MS.N) credit rating. "The Nikkei fell for seven straight sessions so it's only natural for it to rebound a bit at this point," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities. "Wall Street may still see some gyrations, but not endlessly. I think if it falls another 200 points, that will likely be the bottom."

Market players said the Nikkei was also supported by window-dressing ahead of the end of the month, which also marks the end of the first quarter for many Japanese companies. The Nikkei appears set for its worst first half since 1995, but it has so far gained around 8.5 percent this quarter. The benchmark Nikkei .N225 rose to 13,589.40, a gain of 45.04 points, on target to snap a seven-day losing streak. The broader Topix was up 0.7 percent to 1,329.60.

Oil rose over $1 on Monday, off the high just under $143 hit on Friday but back above $141, with U.S. light crude for June delivery CLc1 at $141.77 at 0211 GMT, bolstering trading houses and energy-linked firms on buying by day traders.

"This is helping to buoy the market, but likely to be a very temporary move at best," said Masayoshi Okamoto, head of dealing at Jujiya Securities.

Active buying was expected to be inhibited by Tuesday's announcement of the Bank of Japan's tankan quarterly report of business sentiment and U.S. jobs data later in the week.

ENERGY ENERGISED, RETAIL REELING

Mitsubishi Corp, Japan's largest trading house, was the biggest contributor to the Nikkei 225 by index weight, rising 3.2 percent to 3,500 yen.

Among other strong energy-linked shares were oil and gas field developer Inpex Holdings Inc (1605.T), which rose 3.9 percent to 1.33 million yen and Japan's largest oil distributor, Nippon Oil Corp (5001.T), surged 6.3 percent to 706 yen.

Showa Shell Sekiyu (5002.T), another major oil distributor, climbed 2.8 percent to 1,168 yen.