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Futures point to a higher open on Wall Street as investors keep an eye on US politics, oil moves

Pedestrians walk past the New York Stock Exchange in New York.
Michael Nagle | Bloomberg | Getty Images

U.S. stock index futures pointed to a higher open on Monday, as investors turned their attention to how the oil market was performing after Hurricane Harvey wreaked havoc in the U.S. over the weekend.

Dow Jones industrial average futures rose 18 points, while S&P 500 and Nasdaq 100 futures advanced 3.75 points and 10 points, respectively.

The oil market is expected to be a key talking point on the first trading day of the week, after Hurricane Harvey struck the state of Texas over the last few days, causing chaos for businesses and citizens. Several gas refineries had to temporarily shut down.

At 8:33 a.m. ET on Monday, oil prices were under pressure with U.S. crude sliding 1 percent to $47.41 per barrel. Gasoline prices rose sharply, with RBOB gas futures for September delivery advancing 3.5 percent to $1.7251 per gallon.

U.S. politics continues to keep investors on their toes. Wall Street will be looking to the White House for any reaction to recent news surrounding the U.S. President and for the administration's response to Hurricane Harvey.

On Sunday, the Washington Post reported that Donald Trump's company had been chasing a deal to build a Trump Tower in Moscow, while the Republican was running for president during late 2015 and early 2016. Meanwhile, Axios reported over the weekend that the U.S. incumbent has recently demanded action on China, when it comes to plans for tariffs.

Comments made at the 2017 Economic Policy Symposium last week in Jackson Hole are also expected to be at the back of investors' minds on Monday.

On Friday, European Central Bank President Mario Draghi said that while the global economic recovery appeared as if it was firming up, protectionist policies could pose a "serious risk" to growth.

In Europe, stocks slipped into the red, while markets in Asia finished the trading day on a relatively mixed note. On Friday, U.S. stocks closed mostly higher.

CNBC's Leslie Shaffer contributed to this report.
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