U.S. stock futures extended gains Monday, pointing to a recovery from Friday’s rout.

Saudi Arabia’s pledge over the weekend to boost production by 200,000 barrels a day did little to quell oil-price concerns. Crude oil was at US$136.60 per barrel on the New York Mercantile Exchange, up $1.24 from Friday, after trading as high as $137.50 overnight.

In Toronto, stocks looked likely to get an upward nudge from the higher oil price, as well as from BCE Inc. shares.

On Friday, the Supreme Court of Canada removed an obstacle to the takeover by an investor group led by the Ontario Teachers’ Pension Plan, but suspense remains over whether the deal will be completed at the $52 billion value contemplated when it was struck last year.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened unchanged at US98.33¢.

South of the border, a U.S. Federal Reserve interest-rate decision is due Wednesday.

In other M&A news, HudBay Minerals Inc. and Skye Resources Inc. have agreed to combine in a share-exchange arrangement worth about half a billion dollars. Shareholders of Skye, whose main asset is the Fenix nickel project in Guatemala, are to receive 0.61 of a HudBay common share for each Skye share, and will own about one-fifth of the combined enterprise.

Enerplus Resources Fund has sold its 15% interest in the Joslyn oilsands lease for about $500 million to Occidental Petroleum Corp.

Overseas, China’s Shanghai composite index surrendered another 2.5%, while Japan’s Nikkei stock average closed with a decline of 0.6%.

The FTSE 100 was up 0.5% early in the afternoon in London, while Germany’s DAX index rose 0.4% and the French CAC-40 edged up 0.2%.

On Friday, Major North American stock indices racked up triple-digit losses Friday on concerns over the health of the economy.

In Toronto, the S&P/TSX composite index closed down 209.48 points, or 1.42%, to 14,580.67 on top of a 283-point dive the day before.

For the week, the main index lost 197.79 points or 1.3%.

The S&P/TSX Venture composite index added 2.9 points, or 0.11% to 2,616.31.

In New York, U.S. stocks fell sharply with the Dow closing below 12,000 for the first time since mid-March as rising oil prices and warnings of more mortgage-related write-downs at banks reignited investor fears of worse to come.

The Dow Jones industrials fell 220.4 points, or 1.83% to 11,842.69.

The tech-heavy Nasdaq composite index lost 55.97 points, or 2.27%, to 2,406.09, while the S&P 500 index fell 24.9 points, or 1.85%, to 1,317.93.