Oil prices advanced in Asia amid thin liquidity as many Asian markets were on holiday for Lunar New Year. At the time of writing, Brent oil futures were up 25 cents or 0.72% at USD 34.31/barrel. Across the pond, WTI oil futures were up 23 cents or 0.70% at USD 31.10/barrel. Both contracts had dropped slightly earlier on Monday after a meeting between OPEC producers Saudi Arabia and Venezuela on Sunday saw both parties failing to reach a productive decision. No major data is due for release today. The market is looking forward to Yellen's testimony on Wednesday along with US crude inventory levels the same day. For more information, read our latest forex news.