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Trading range remains between $48-50 (Brent)

In Iran, the International Atomic Energy Agency (IAEA) was able to take samples at a military site, an act which the IAEA cites as "significant progress" in the process of inspecting the country's nuclear sites as part of the nuclear deal made between the West and Iran. Sanctions may be lifted against the oil-rich country later this year.

After July's Existing Home Sales 5-year-peak, August data declined for the first time in 4 months. Now New Home Sales data on Thursday could cause some market volatility as the home sales trend is a growth indicator. Yesterday, Fed members Bullard and Lockhart both underlined their views of an interest rate hike before year-end. Lockhart will speak again today, the speech will be followed closely as will Yellen's speech on Thursday. Most market participants agree that interest rates will most likely not be hiked at the Fed’s October meeting; more likely at the December meeting.

Coming up tonight are the weekly oil stocks numbers from the American Petroleum Institute, last week saw a draw in crude. Consensus for tomorrow’s EIA inventory report is a draw in crude, builds in distillates and gasoline inventories. Expect some volatility around both sets of data.

The ECB states that it is prepared to implement further monetary easing measures to spur growth in the Eurozone area. Tomorrow sees a row of European Services and Manufacturing PMIs followed by ECB President Draghi speech. Main economic data market mover could be the Chinese PMI published overnight as market is looking for hints of the financial position of the huge country.