Global indicators were mixed for North American stock markets early Monday, as investors prepare for the start of fourth quarter earnings season.

Oil prices rose Monday, supported by reports that OPEC oil ministers have begun talks on another potential cut and worries about energy shortages in parts of Europe as the fallout of a dispute between Russia and Belarus. Light sweet crude for February delivery rose 57¢ to US$56.88 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

Today’s economic calendar is light, with only U.S. consumer credit in November on the agenda. U.S. Federal Reserve Vice Chairman Donald Kohn is scheduled to deliver a speech on the economic outlook at 12:45 ET.

Here at home, there are no major economic data releases from Statistics Canada.

The Canadian dollar opened at US85.16¢, down 0.13 of a cent.

In business news, Suncor Energy Inc. is launching a massive lawsuit over a fire at one of its oilsands operations. The $630 million suit names engineering firms Bantrel Co., Bechtel Group Inc. and others over the 2005 fire north of Fort McMurray, Alta.

In M&A news, General Electric Co. said today it has agreed to buy oil services company Vetco Gray for US$1.9 billion from a group of private-equity funds. Vetco Gray provides drilling, completion and production equipment for oil and gas fields.

Forest Oil agreed to buy Houston Exploration for US$1.5 billion in cash and stock.

Key European indexes were up in early action, with the FTSE 100 rising 0.3% in London.

In Asia, Hong Kong’s Hang Seng Index fell 0.9 per cent but still managed to close above the key 20,000-point level at 20,029.66.

Japan’s stock, currency and other financial markets were closed for Coming of Age Day, a national holiday.

Toronto stocks fell Friday, deepening the losses of the last few days, as the market reacted to lower gold and other commodity prices and an economic report that led investors to believe interest rate cuts might not be on the horizon.

The S&P/TSX composite index fell 75.63, or 0.60%, to 12,477.97.

The index has fallen by 3.45% over the last three sessions. It was down 445 points on the week.

Nine of the 10 TSX main sub-groups were down. The exception was the energy sector, which rebounded 0.72% after three days of significant losses.

Power Financial Corp. shares closed down 59¢ to $35.96 after the company confirmed it was in talks to purchase American mutual fund company Putnam Investments from Marsh & McLennan Cos.

The S&P TSX Venture Exchange dropped 21.27, or 0.75%, to 2,822.23.

In New York, markets fell on a strong jobs report that burst hopes of an interest rate cut from the U.S. Federal Reserve.

The Dow Jones industrial average ended down 82.68 points at 12,398.01, the S&P 500 fell 8.63 points at 1,409.71, the Nasdaq composite lost 19.18 points to close at 2,434.25.