Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.

Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.

Chinese service sector activity expanded more than expected in August, a private survey showed on Monday, as solid consumer spending helped the sector weather COVID and energy-related headwinds this year. 

Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand.

Britain's very high inflation risks distracting businesses from the longer-term decisions needed to boost ailing productivity, Bank of England policymaker Catherine Mann said in a podcast released on Thursday.

German autos association VDA dampened its forecast for the passenger car market in the United States and Europe on Thursday, citing inflation, interest rates and ongoing supply chain troubles.