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US Stock Futures Up Monday Amid Higher Oil Prices

Comstock/Thinkstock(NEW YORK) -- Despite a new high in oil prices, U.S. stock futures are up Monday morning, coming off from promising jobs reports last week.

Stocks rallied Friday to close the week on a high.  The Dow gained 57 points, while the Nasdaq and S&P added nine points and seven points, respectively.  News that the jobless rate is now down to its lowest point in two years and that 216,000 jobs were added last month helped bolster these numbers.

Meanwhile, stock markets overseas closed higher Monday, with the Shanghai Composite index rising by 1.34 percent and Hong Kong's Hang Seng index climbing 1.46 percent.  Japan's Nikkei average also rose by 0.11 percent.

On another note, oil prices settled over $108 a barrel -- a level last seen in 2008.  The new cost per barrel will likely have an impact on gas prices.  The Energy Department is set to release its official figures Monday.

Currently, the average cost of a gallon of gasoline is $3.60.

Copyright 2011 ABC News Radio

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