Creeps Higher In Asia As USD Softens

Oil has ground higher through the Asia-Pac session, but is still slightly lower versus Friday settlement levels after ebbing through the session on Monday in holiday thinned trade; the closure of US markets for Labor Day keeping volumes, price action and newsflow relatively muted. A pause in the USD's near-term decline weighed on energy markets on Monday, while the greenback has come under pressure in Asia which has helped crude futures higher. As a reminder Saudi Arabia will cut oil prices for sales to Asia next month by more than double the expected amount, the decision follows OPEC agreement to go ahead with production increases.