On Friday, the all-important non-farm payrolls showed 160,000 jobs were created in April, short of the roughly 200,000 that had been forecast. The worse-than-expected figure lowered prospects of an interest rate hike by the U.S. Federal Reserve in June.
Oil prices were trading in a wide range on Monday, with U.S. benchmark WTI and Brent crude futures rallying by as much as 2 percent early in the day, before erasing those gains and going negative. The rise came on the back of the wildfire in Alberta, Canada, which has hit oil production near the province's lucrative oil sands.
Oil prices were also briefly boosted by Saudi Arabia's decision, announced on Saturday, to replace oil minister Ali al-Naimi. This raises the possibility of a change in policy from the OPEC linchpin, which has previously opted to maintain output in the face of slumping prices.
On Monday, there will be eyes on a number of speeches from Federal Reserve representatives. Chicago Fed President Charles Evans told a conference in London the U.S. economy's fundamentals are solid and growth this year should pick up to around 2.5 percent, but the Federal Reserve's current 'wait and see' approach to monetary policy is appropriate.
Minneapolis Fed President Neel Kashkari said in a speech to the Economic Club of Minnesota that the Fed's current monetary policy stance is appropriate.
San Francisco Fed President John Williams, who will take part in a question-and-answer session with online forum Quora.
No major U.S. economic data are expected.
— Reuters contributed to this report.