US futures higher; commodity rebound eyed

U.S. stock index futures indicated a higher open on Monday as a rebound in commodity prices helped boost sentiment across global equity markets.

Dow futures rose 175 points after briefly gaining more than 200 points, while S&P and Nasdaq futures also pointed to a sharply higher open.

Oil, which has been the top of investors' minds for the last few months, saw another rebound overnight with WTI futures rising above the $30 a barrel level. Mining and oil stocks that saw the most gains in Europe during the morning session thanks to gains in copper and other commodities.

Miners like Anglo American, Glencore, Rio Tinto and BHP Billiton were among the best performers in the region and traders managed to shrug off new data that showed business activity in the euro zone hitting a 13-month low.

Markets in Asia finished mostly higher, with major indexes in China, Japan and Australia leading gains, extending last week's advance.

Back in the U.S., earnings are due from Fitbit and Motorola Solutions and the country will also get its own manufacturing PMI at 9:45 a.m. ET.

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There should also be some important headlines for the oil market when OPEC General Secretary Abdalla Salem El-Badri speaks at the CERAWeek energy conference in Houston later on Monday.

IMF Managing Director Christine Lagarde said Monday that Middle East countries hit hard by the slump in the price of oil will have to raise taxes in order to recover and prosper.

In a preview of a speech to be delivered at the Arab Fiscal Forum shares said that successful 21st century economies had to be able to both generate "robust government revenue" and "higher and more reliable revenue."

—CNBC's Patti Domm contributed to this report.