US pre-open: Stocks seen higher as oil prices gain
US futures pointed to a firmer open on Wall Street on Monday as oil prices advanced.
At 1100 BST, Dow Jones Industrial Average, S&P 500 and Nasdaq futures were all up 0.4%.
Meanwhile, oil prices were on the front after Venezuela said OPEC and non-OPEC countries were nearing a deal to stabilise output.
According to press reports, Venezuelan President Nicolas Maduro said at a news conference: “We had a long bilateral meeting with [Iran’s president Hassan] Rouhani. We’re close to a deal between OPEC producer countries and non-OPEC.”
In addition, news that a military conflict in Libya over the weekend had affected its exports also helped to underpin prices.
West Texas Intermediate was up 1.5% to $43.69 a barrel while Brent crude was 1.3% higher at $46.37.
The main focus for investors this week will be the Bank of Japan and the Federal Reserve's rate announcements on Wednesday.
Societe Generale said: “It will be a week of key central bank meetings but policy changes are unlikely: no rate hike from the Fed and no additional easing from the BoJ. However, the FOMC may take another step towards hiking rates in December by reintroducing the balance of risks statement for the first time this year.
“Moreover, the BoJ, while maintaining the pace of asset purchases at JPY80trn, could introduce technical adjustments to make the program more flexible.”
On the corporate front, US-listed shares of French drug company Sanofi were likely to be in focus on news it has filed a lawsuit against rival Merck & Co.’s international unit for alleged patent infringement.
Ann Taylor and Justice parent Ascena Retail Group Inc was among the companies slated to report quarterly earnings after the close.
The economic calendar was looking pretty light, with just the NAHB housing market index due at 1500 BST.