U.S. EIA weekly crude inventories, Cushing crude stocks and Strategic Petroleum Reserve levels for the week to July 3 are due in 10 minutes.

Asahi Shimbun reports the Japanese government may revise monetary-policy wording in its draft annual economic and fiscal policy guidelines to avoid giving the impression it is pressuring the Bank of Japan. The earlier draft described the "appropriate implementation" of monetary policy as "extremely important," a phrase some read as signaling opposition to further BOJ tightening. The updated draft adds inflation language, calling for appropriate monetary policy to promote stable price rises; a government official said the change reflects some market participants' misreading of the original wording.

Iran's deputy foreign minister said Iran must speak to Trump in terms he understands because he 'better understands the language of force'.