North American stocks appear set to open higher Monday desipte rising oil prices.

Oil prices moved higher after Iran ended all voluntary cooperation with the U.N. nuclear watchdog agency, saying it would start uranium enrichment and bar surprise inspections of its facilities. In electronic trading, crude for March delivery rose 63¢ to US$66 a barrel.

In today’s economic news, Statistics Canada reported that the total value of construction permits roared over the $60 billion mark for the first time following a record month in December. The level for December hit a record $6.3 billion.

StatsCan said contractors took out a record $60.7 billion worth of building permits last year, 9.3% higher than the previous high of $55.6 billion issued in 2004. The annual level of permits has now increased for 10 consecutive years.

The Canadian dollar opened at US87.27¢, down 0.05 of a cent ahead of the installation of a new Conservative government headed by Stephen Harper as prime minister.

In earnings news, steelmaker Ipsco Inc. said it achieved a record annual profit even as fourth-quarter earnings declined from the year before.

Quarterly earnings dropped to US$170.2 million or $3.52 a diluted share from a year-earlier US$199.1 million or $3.91 per share.

Barrick Gold Corp. has increased its stake in Placer Dome Inc. to 94%, and intends to exercise its right to acquire the balance of the outstanding shares within the next 30 days, the company said today.

Overseas, the Nikkei 225 index gained 88.12 points, or 0.53%, to finish at 16,747.76 points on the Tokyo Stock Exchange – the Nikkei’s highest closing since Aug. 31, 2000.

In Hong Kong, the blue-chip Hang Seng Index rose 118.33 points, or 0.8%, to 15,548.06.

Toronto stocks edged up Friday, as a drop in the gold sector was offset by advances in both the energy and financials sectors.

The S&P/TSX composite index finished up 7.71, or 0.06%, to 11,937.62.

For the week, the benchmark index advanced 0.7%.

Volume on the senior exchange was 345 million shares.

Half of the 10 TSX main sub-groups were up, with the financials group moving forward 0.25%.

The Royal Bank of Canada gained 37¢, or 0.41% to close $89.77.

The energy sector moved up 0.17%. The March contract for light sweet crude on the New York Mercantile Exchange climbed 32¢ to US$65 US a barrel.

Petro Canada shares rose 9¢, or 0.16%, to $56.44.

The materials sector declined 0.51%. The futures contract for bullion on the Nymex fell $5.20 to US$571.60 an ounce.

Goldcorp Inc. fell 89¢, or 2.86%, to $30.26.

In corporate news, Vincor International reported its third-quarter profit dipped to $14.4 million from $19.2 million last year, but it announced its first-ever quarterly dividend, 15¢ a share. Vincor added $1, or 3.45%, to close at $30.

The Canadian dollar fell 0.05 of a cent to close at US87.32¢.

The S&P/TSX Venture composite index finished up 17.36, or 0.68%, to 2,571.63.

In New York, stocks fell on disappointing economic and corporate news.

The Dow Jones industrial index fell 58.36 to 10,793.62, the Nasdaq lost 18.99 to 2,262.58 and the S&P 500 index shed 6.81 to 1,264.03.

A report showing stronger job and wage growth fueled fears the Federal Reserve would raise interest rates further to curb inflation.

For the week, the Dow ended down 1.04%, the S&P 500 lost 1.54% and the Nasdaq fell 1.81%.