Nikkei edges up, looks to end losing streak

(Updates to midafternoon)

TOKYO, July 3 (Reuters) - The Nikkei share average rose 0.3 percent on Thursday, set to snap its longest losing streak in more than 40 years as investors shift money into domestic demand shares such as top retailer Seven & I Holdings (3382.T).

Commodity-linked stocks such as trading house Mitsubishi Corp (8058.T) fell after their recent bullish runs, though oil hit a fresh record on Thursday, with U.S. crude CLc1 rising as high as $144.44 a barrel.

Worries about high oil prices and the global economy hit exporters such as Toyota Motor (7203.T).

"Money appears to be shifting from commodity-related shares to domestic demand ones on the view that commodity prices have risen to a near peak," said Soichiro Monji, chief strategist at the equity management department of Daiwa SB Investments. "This trend may continue in the coming three to six months."

He added oil prices may break below $100 a barrel by the end of this year.

"Things are getting increasingly gloomy because of the impact from high oil prices as indicated by U.S. car sales data, but not every investor is pessimistic even after a 10-day losing streak."

As of 0444 GMT, the benchmark Nikkei average .N225 had added 37.58 points to 13,323.95.

The Nikkei logged its 10th straight negative day on Wednesday, a period in which it has slid about 8 percent, its longest losing streak since February-March 1965.