North American markets look likely to open mixed as oil prices hit an all-time high of US$58 a barrel on continued concerns about a tight supply-demand situation.

Oil prices continue to grind higher, extending last week’s rally. The front-month New York Mercantile Exchange crude contract broke through US$58 a barrel to hit US$58.18 Monday.

Asian markets closed mixed overnight. In Tokyo, the Nikkei Stock Average of 225 selected issues lost 56.09 points, or 0.48%, to close at 11,667.54 points.

Hong Kong shares ended slightly higher ahead of a local holiday, despite unexpected rate hikes by two major banks in the city. The blue chip Hang Seng Index rose 22.06 points, or 0.16%, to 13,513.41.

There are no major economic releases from Canada or the United States today.

In this morning’s business news, ChevronTexaco agreed to buy Unocal in a stock-and-cash deal valued at US$16.4 billion, plus the assumption of US$1.6 billion in debt.

On Friday, rising oil prices sparked Bay Street to its third-consecutive winning session, while Wall Street closed out the week almost 100 points lower as it grappled with possibility of rising inflation and the prospect of higher interest rates.

At close, the S&P/TSX composite Index was up 26.25 points or 0.27% to 9,638.63 — a gain of 1.1% on the week.

The junior S&P/TSX Venture composite index finished 18.05 points, or 0.96% higher, at 1,904.51.

In New York, the Dow Jones industrial average slid 99.46 points,or 0.95%, at 10,404.30, for a 0.37% loss on the week. The S&P 500 slipped 7.67 points, or 0.65%, at 1172.92. The tech-heavy Nasdaq composite index was down 14.42 points, or 0.72%, at 1,984.81.