Brent crude oil futures are trading at $96.28 per barrel, up 0.8%.

The appreciation of the yen has led to a weaker US dollar, while the decline in US Treasury bonds has resulted in capital outflows, jointly driving the rise of emerging market assets. Although robust US nonfarm payroll data on Friday caused brief market volatility, currencies such as the South African rand and Mexican peso quickly recovered their losses. Analysts point out that the market's focus has shifted to next week's US CPI: if core inflation declines as expected, a Federal Reserve pause in interest rate hikes is almost certain, and the bull trend in emerging markets is likely to continue.