Brent oil rose above $56 a barrel after OPEC members including Saudi Arabia said output cuts are bringing the market into balance, while the dollar weakened.
Consumer Prices Index (CPI) inflation rose to 1.6% last month, up from 1.2% in November, the Office for National Statistics (ONS) said.
It's been an active night of trade in Asia with cable staging a furious short covering rally that helped the pair fill the gap from the weekend open, but sterling ran out of momentum ahead of the 1.2200 figure and dropped back below 1.2150 by mid-morning trade.
- USDJPY: 113.32
- EURUSD: 1.0688
- S&P 500: 2,274.64
- NASDAQ : 5574.12