U.S. crude oil futures for April delivery reversed losses to attempt gains, trading near $39.60 a barrel as of 8:44 a.m. ET. After the settle, the contract rolls to May, which was near $41.30 a barrel in morning trade.
Brent oil futures fell in early trade on Monday but bounced slightly and helped global "risk-on" sentiment to pick up. In Europe, stocks were flat in mid-morning trade after opening the session lower. China's Shanghai Composite and Shenzhen Composite finished in positive territory after state-backed China Securities Finance Corp said it would begin to offer margin financing to securities firms again after a previous suspension.
On the data front, the Chicago Fed national activity index declined to minus 0.29 in February from 0.41 in January.
Existing home sales are due at 10 a.m. ET.
On Monday morning, Richmond Fed President Jeffrey Lacker said U.S. inflation will likely accelerate in the coming years and move toward the Federal Reserve's 2 percent target, according to Reuters.