Futures struggle for gains; oil turns lower

U.S. stock index futures pointed to a mixed open as oil prices reversed to trade about 1 percent lower.

Brent and WTI crude futures earlier rallied up to 2 percent on the day, as wildfires in Canada disrupted oil output from the country. Plus, Saudi Arabia replaced long-term oil minister Ali al-Naimi on Saturday, potentially signaling a pullback on its strategy of maintaining high production.


"Oil prices are higher this morning, in reaction to concerns about the fire in Fort McMurray, and appointment of a new oil minister in Saudi Arabia. We're much more comfortable with the idea of oil settling into a range … than with the notion of further gains near-term," Kit Juckes, analyst at Societe Generale, said in a note on Monday.

No major economic data are due on Monday from the U.S.

The pace of earnings slows this week, as Teva Pharma and Tyson Foods reported quarterly results.

Despite the oil rally, Asian stock indexes fell on Monday after weak trade data from China. Exports from the world's second-biggest economy fell by 1.8 percent on a year earlier in April, customs data showed on Sunday.

On Friday, the U.S.'s latest non-farm payrolls reports showed the headline job figure declined to 160,000, making a Federal Reserve interest rate hike in June less likely.

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