Oil prices are in the spotlight this week ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna which takes place on November 30.
Growing concerns that producers will not be able to reach an agreement on production cuts this week has led to some risk aversion in the markets today.
Fading hopes of an agreement by OPEC to trim oil output levels has led to flows into safe havens today, helping support the yen which was also one of the biggest beneficiaries of the broadly weaker dollar.
WTI oil traded near $46 a barrel through the Asian session, consolidating after a big drop on Friday to $45.12.
The dollar dipped further against the yen in early Asian trading as US Treasury yields pulled away from highs reached last week. Inflation expectations rose after Donald Trump was elected US president and he promised to spend heavily on infrastructure.
Increasing yields on US Treasuries sparked inflows into dollars, thereby causing a strong rally in the greenback, which has lost some of its steam now.
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