Global stocks traded mostly higher on Monday as they followed in the wake of optimism coming off last Friday’s positive job creation in the U.S. and the G20 summit passed without any market-moving surprises.

U.S. futures pointed to a continuation of the gains at the open.

European stocks registered gains in mid-morning trade with Germany’s DAX leading the pack, up 0.6%, after strong German trade data. The benchmark Euro Stoxx 50 gained 0.4%, while London’s FTSE 100 rose 0.3%.

Earlier, Asian stocks closed mostly higher although China broke the trend with Shanghai Composite down 0.2% as consumer price inflation in the world’s second largest economy declined more than expected in June.

Crude continued its downturn in early morning North American trade on Monday as market players watched U.S. shale production return to its upward trend.

U.S. drillers added seven oil rigs in the week to July 7, energy services company Baker Hughes announced late Friday.

This brings the total count up to 763, the most since April 2015.

Following up on a decline of nearly 3% in the prior session, U.S. crude oil futures fell 0.25% to $44.12 at 8:59 GMT Monday, while Brent oil traded down 0.21% to $46.61.

With no major reports stateside on Monday, although the Fed’s labor market conditions index, the Conference Board’s employment trends index and consumer credit will be on the docket, markets prepared for Federal Reserve chair Janet Yellen’s semi-annual monetary policy testimony on the economy before Senate and House committees in Washington DC.

Yellen is scheduled to testify on the economy before the Senate Banking Committee at 14:00 GMT Wednesday. On Thursday, she will appear in front the House Financial Services Committee also at 14:00 GMT.

Her comments will be monitored closely for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its massive balance sheet.

It will be the Fed chair’s first opportunity to comment on the June employment report that showed better than expected job creation, but with wage inflation remaining subdued.

Inflation data will be released on Friday after her testimony.

Also ahead this week, the second quarter (Q2) earnings season will have its “unofficial” kick off this week when JP Morgan reports on Friday.

23 S&P 500 firms have actually reported already, but JP Morgan will be the first Dow component and will mark the beginning of the season in earnest.

Factset is predicting earnings growth of about 9.5% for the S&P firms with a lot of positive momentum coming from the energy sector.