Oil futures rose nearly one percent in Asian trade as the dollar index retreated from December 18 highs for another session, as traders look forward to upcoming US-China trade talks later this week in Beijing.

As of 03:55 GMT, US crude futures due in March rose 0.65% to $52.79 a barrel, while Brent March futures rose 0.71% to $62.01 a barrel, as the dollar index inched down 0.02% to 97.05, snapping the longest winning streak since November 2016. 

Now investors await the third round of US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 

US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 

OPEC, Russian Statements 

OPEC President Suhail Al Mazroui asserted the importance of reaching balance in the oil market by the end of the current quarter, adding he expects oil prices to steady as well in this quarter. 

Otherwise, Russian energy minister Alexander Novak said discussions of permanent cooperation with OPEC could take place at the April meeting, with both sides currently committed to cut output by 1.2 million bpd for the first half of this year. 

US Oil Rigs 

Baker Hughes, a US oil services company, reported an increase of 7 in the rig count to a total of 854 rigs in the week ending February 7, away from ten-month lows. 

Last month, the Energy Information Administration forecast an increase in shale oil output to another record 8.179 million bpd, however the drop in rig activities might taper these expectations.  

Gold futures tilted higher in Asian trade as the dollar index backed off December 18 highs, amid a lack of US data today while investors await US-China trade talks. 

As of 03:22 GMT, gold futures due in April rose 0.03% to $1,312.00 an ounce, while the dollar index slipped 0.06% to 97.01, on track to snap the longest winning streak since November 2016. 

Federal Reserve Chair Jerome Powell will deliver a speech titled "Economic Development in High Poverty Rural Communities" at the Hope Enterprise Corporation Rural Policy Forum, in Mississippi, later today, while investors await the second round of US-China trade talks in Beijing later this week. 

Now investors await the third round of US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 

US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 

Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US. 

Global Gold Council 

Global Gold Council's recent data showed purchases by global central banks rose to 1967 highs last year at 651.5 tonnes, up 74% from 2017 levels, with highest bidders being China, Poland, and Russia. 

The council estimated global consumption of gold rose to 4,345.1 tonnes last year from 4,159.9 tonnes, while jewels demand steadied at 2,200 tonnes. 

Demand from financial institutions on the other hand tumbled 67% from 2017 levels.

Asian stock indices opened the second session of the week mixed with Japanese stocks up 2% after closing on Monday for a national holiday, with Australian, South Korean, and New Zealand stocks muscling up as well. 

Chinese, Hong Kong stocks fell on the other hand amid anticipation for upcoming US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 

US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 

Japan's Nikkei 225 rallied 1.93%, or 392.03 points to 20,725.20. 

China's CSI 300 inched down 0.12%, or 4.13 points to 3,302.34, as the Shanghai index slipped 0.07% to 2,652.09. 

Hong Kong's Hang Seng fell 0.42% to 28,025.54, while South Korea's KOSPI rose 0.27% to 2,186.66. 

New Zealand's NZX 50 rose 0.64% to 9,286.62, while Australia's S&P/ASX 200 rose 0.27% to 16.35 points to 6,077.20. 

Australian dollar tilted higher in Asian trade off January 4 lows against its US counterpart, following earlier data from Australia. 

As of 02:32 GMT, AUD/USD rose 0.21% to 0.7077, with an intraday high at 0.7083, and a six-week trough at 0.7054. 

Earlier Australian data showed an index tracking business sentiment up to 4 from 3 in December, while house loans tumbled 6.1% in December, sharpening a 0.9% decline in November. 

Federal Reserve Chair Jerome Powell will deliver a speech titled "Economic Development in High Poverty Rural Communities" at the Hope Enterprise Corporation Rural Policy Forum, in Mississippi, later today, while investors await the second round of US-China trade talks in Beijing later this week.