North American stock markets look set to open lower Monday ahead of this week’s testimony from new Federal Reserve Chairman Ben Bernanke.

Fed jitters could come back when Mr. Bernanke, who recently replaced Alan Greenspan as Fed chairman, appears before Congress to deliver testimony on Wednesday. Investors will be looking for hints about the direction of U.S. interest rates.

Crude oil prices edged lower this morning as traders weighed lagging demand and bulging supplies against potential unrest and political tensions in major producing countries.

Light sweet crude for March delivery slipped 12¢ to US$61.72 a barrel on the New York Mercantile Exchange.

The Canadian dollar was trading at US86.57 cents.

European indexes were positive in afternoon trading but Asian stock markets declined Monday.

Japan’s Nikkei 225 index plunged 380.17 points, or 2.3%, points to finish at 15,877.66.

In Hong Kong, the Hang Seng Index lost 113.86 points, or 0.7%, to 15,312.09.

In earnings news, German steelmaker ThyssenKrupp AG’s first-quarter net profit fell 23% because of a decline in earnings in its stainless steel and automotive units.

ThyssenKrupp stands to acquire Canadian steelmaker Dofasco Inc., pending the outcome of Mittal Steel Co.’s 18.6 billion euro (US$22.2 billion) bid for rival Arcelor SA.

On Friday, Toronto stocks fell for a fourth consecutive session, pulled down by sinking energy and mining shares amid a sharp decline in commodity prices, but a rally in the financial sector limited the losses.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 57.61 points, or 0.49%, at 11,651.69.

For the week, the benchmark index finished the week down 2.4%.

On Wall Street, U.S. stocks rose as positive earnings lifted insurance broker Aon Corp.’s shares, while the technology sector rebounded.

The Dow Jones industrial average was up 35.70 points, or 0.33%, at 10,919.05. The S&P 500 was up 3.21 points, or 0.25%, at 1,266.99. The Nasdaq composite index was up 6.01 points, or 0.27%, at 2,261.88.

For the week, the Dow average rose 1.2% and the S&P 500 added 0.2%, while the Nasdaq edged down 0.03%.