Traders in the U.S. are due back at work Tuesday, after markets were closed for Presidents Day, with the oil price fluctuating wildly before the session open.
Overnight, oil prices rallied on hopes of a production cut with the world's biggest oil producers — including Saudi Arabia and several key OPEC members — meeting in Doha. However, WTI briefly turned negative as traders were left disappointed at an announcement that the producers had frozen output at January levels.
The U.S. Empire Manufacturing Index for February came in at negative 16.64, a worse read than expected but better than January's print of minus 19.37.
European stocks held mixed, while U.S. stock index futures held below session highs. Earlier, Dow futures added more than 200 points.
Meanwhile, market watchers will be looking to central bankers for more hints on future monetary policy after steep losses for risk assets this year. At 9 a.m. ET Philadelphia Fed President Patrick Harker is due to speak followed shortly afterwards by Minneapolis Fed President Neel Kashkari. In the evening, Boston Fed President Eric Rosengren is also due to speak.