Reuters

Oil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world’s second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut.

The dollar edged higher against the yen on Monday, trading above last week’s near 4-month low, with rising tensions between the United States and North Korea seen as the key to the near-term outlook.

Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by weak U.S. inflation data which dampened prospects of another Federal Reserve interest rate hike later this year.

Japan’s economy grew in the second quarter at the fastest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years, highlighting stronger domestic demand.

Hardening White House language on protectionism and free trade poses a growing risk to world trade, so the current narrative goes, but there are good reasons to believe upward momentum in global commerce will accelerate into next year.

Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry’s latest quarterly results.

Toshi Sugiyura and his wife Naka had a pleasant surprise awaiting them in San Francisco when the couple arrived from Japan on an anniversary trip, thanks to the U.S. dollar’s months-long slide against the yen.

China’s President Xi Jinping said there needs to be a peaceful resolution to the North Korean nuclear issue, and in a telephone call with U.S. President Donald Trump he urged all sides to avoid words or action that raise tensions.

World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday.

Wall Street put a floor under global equities on Friday after a weak inflation reading brought investors back into U.S. technology and other stocks, but gold and the yen still added slightly to the week’s gains as tensions continued to escalate between North Korea and the United States.