The oil price has led to volatility in equity markets in recent months and traded in a range ahead of the U.S. open. WTI futures traded at around $36.70 a barrel after dipping close to the $36-a-barrel mark.
European markets gained ground on the spike, after a choppy start to the trading day, and global sentiment recovered after a mixed session overnight in Asia. Back in the U.S., investors will be monitoring factory orders data due at 10 a.m. ET.
Meanwhile, there's more Fed speak for traders to look out for. This after a better-than-expected nonfarm payrolls figure on Friday and some dovish comments from Chair Janet Yellen last week. Boston Fed President Eric Rosengren is due to speak at 10:15 a.m. ET on Monday, while Minneapolis Fed President Neel Kashkari and Dallas Fed President Rob Kaplan are both due to speak after the closing bell.
U.S. stocks closed higher Friday, shaking off pressure from low oil prices. The Dow Jones industrial average closed up about 107 points at its highest since December 4, 2015.
—CNBC's Patti Domm and Evelyn Cheng contributed to this article.