North American markets are looking to open mixed Tuesday morning, as oil prices edge higher.

Crude-oil futures gained early Tuesday, rising to US$59.35 a barrel in electronic trade on the New York Mercantile Exchange.

On Monday, prices for London August Brent crude oil gained 46¢ to close at US$58 a barrel, adding to gains made on Friday, when U.S. crude lifted $2.25 to US$58.75.

In today’s economic news, the U.S. Commerce department is due to release the factory orders report for May at 10:00 ET. Economists forecast a 3% increase compared with a 0.9% increase in April.

The Investment Funds Institute of Canada is due to release its June sales estimates this afternoon.

There are no major economic releases from Statistics Canada today.

In international banking news, Japan’s lower house of Parliament narrowly approved legislation Tuesday to create the world’s largest bank by privatizing its state-run postal savings and insurance system by 2017.

Toronto stocks ended higher Monday spurred by a hot energy sector, while the Canadian dollar plunged against a rising U.S. greenback.

The S&P/TSX composite index finished up 39.02 points, or 0.39%, to close 9,941.79.

Volume was a thin 85 million shares. U.S. markets were closed for the Independence Day holiday.

The loonie closed down 1¢ at US80.61¢. Better-than-expected economic data out of the United States on Friday was seen as the reason behind the loonie’s decline.

On the TSX just three of the 10 TSX ended higher, with the energy sector gaining 2.57%.

Shares in oil and gas producer Nexen Inc. Nexen Inc. gained $4.30, or 11.56%, to close $41.50 on news that it was spinning its chemical unit off as a trust.

The junior S&P/TSX Venture composite index finished down 1.47, or 0.09%, to close 1,725.36.