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By Michael Poulson, A/S Global Risk Management

Friday, the weekly oil rig count from Baker Hughes showed unchanged number of active drilling rigs in the U.S. after 8 weeks of increasing numbers. As oil prices climb back into the near-$50 area more drillers have turned the 'oil tap' back on.

Over the weekend, Venezuela and Iran have met to discuss ways to stabilise oil markets. Iranian foreign minister visited a row of Latin American countries. OPEC and non-OPEC oil producers plan to meet next month to discuss output situation. The market remains well-supplied and over the weekend, news emerged that Iraq oil exports from its southern ports in August so far increased slightly to 3.205 mio. barrels per day from 3.202 in July.

The chairman of the U.S. central bank, Janet Yellen, gave no clear timing of a potential interest rate hike in her speech at Jackson Hole Economic Symposium, even though she stated that: "the case for an increase in the federal funds rate has strengthened in recent months". Following the speech, markets now rule out a September rate hike and likelihood of a hike this year seems slim to non-existent. She will speak again later today.

Today is a Bank Holiday in the UK. Later this week, European as well as U.S. employment data as well as Chinese manufacturing data will be followed closely for hints of the global economic growth situation.