Canada's main stock index was set to open higher on Monday as oil prices jumped due to output disruptions in Nigeria and as Goldman Sachs said the market had ended almost two years of oversupply and was now in deficit.
The S&P/TSX Composite Index shed 39.22 points to finish Friday and the week at 13,748.58, with June futures ahead 0.3%.
The Canadian dollar moved up 0.04 cents to 77.32 cents U.S. early Monday.
Penn West Petroleum said on Monday it might be in default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern.
David Tepper's hedge fund Appaloosa bought nearly one million shares in Valeant Pharmaceuticals International in the first three months of 2016, according to regulatory filings, but sold them during the first quarter.
RBC raised the price target on Valener Inc. to $23.00 from $19.00
On the economic beat, the Canadian Real Estate Association was due out with its April national home sales figures.
ON BAYSTREET
The TSX Venture Exchange grew 6.09 points Friday to 679.68
ON WALLSTREET
U.S. stock futures are not making any major moves ahead of the open following a third straight week of losses on the key indexes.
Ahead of the opening bell, futures for the Dow Jones Industrials inched up seven points to 17,502, while futures for the S&P 500 eked up two points, or 0.1%, to 2,045.5. NASDAQ futures traveled higher 10.5 points to 4,334.5
Shares in Yahoo could pop at the open as it emerged over the weekend that an investing group backed by Warren Buffett is among the bidders for Yahoo's core Internet business.
A Buffett-backed bid could challenge Verizon's status as the most likely buyer of the business. Verizon has been expanding into digital content and advertising and last year bought AOL for more than $4 billion U.S.
In economic news, the National Association of Home Builders will release its housing market index for May at 10 a.m. ET.
The majority of European markets are dropping in early trading, while most Asian markets ended the day with gains.
Oil prices jumped $1.11 to $47.32 U.S. a barrel
Gold prices spiked $10.98 to $1,284.43 U.S. an ounce.
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