North American stocks look poised to open higher even Tuesday as oil prices rebounded.

Light sweet crude for October delivery increased 15¢ to $70.46 US a barrel on the New York Mercantile Exchange, as traders turned their attention to Iran’s stand-off with the West over its nuclear program.

In today’s M&A news, Inco said its board of directors continues to support a friendly takeover bid by U.S.-based miner Phelps Dodge and is recommending that shareholders reject a rival offer from Companhia Vale do Rio Doce or CVRD of Brazil.

Inco said Tuesday that CVRD has indicated that it is not willing to enter into substantive discussions about improving its all-cash offer.

There are no major economic releases from Statistics Canada today. The Canadian dollar opened trading at US90.17¢, up 0.13 of a cent from Monday’s close.

Later today, the minutes from the U.S. Federal Reserve’s August 8 meeting are due at 14:00.

Also on tap Tuesday will be the U.S. Conference Board’s August consumer confidence poll, expected to fall to 102.7 from 106.5 in July.

Overseas, European indexes advanced during afternoon trading after Asian markets closed higher.

Tokyo shares snapped a four-day losing streak, as the Nikkei 225 index added 127.97 points to finish at 15,890.56 points.

In Hong Kong, the blue-chip Hang Seng Index rose 157.93 points to 17,080.22.

Toronto stocks closed higher on Monday as financial sector gains offset losses in energy and gold issues.

The S&P/TSX composite index moved up 32.26 points to 12,152.09.

Seven of the 10 TSX main sub-groups were up, with consumer staples rising 1.36% and financials increasing 1.01%.

In financials, Bank of Nova Scotia rose 72¢, or 1.49%, to $48.93 — a day before the bank reports its quarterly earnings.

The S&P/TSX Venture Exchange index increased a marginal 0.33 to close at 2,685.75.

In New York, markets rebounded Monday on news of falling energy prices.

The Dow Jones Industrial Average closed up 67.96 at 11,352.01. The Nasdaq Composite Index rose 20.41 points to reach an almost three-month high of 2,160.70, and the S&P 500 Index added 6.70 points to 1,301.79, also an almost three-month high.