U.S. stock futures pointed to a modest rise at the open Thursday, even as oil prices marched higher.

Oil hit a new high of over US$135 a barrel this morning, after a report that the International Energy Agency later this year will downgrade its estimate of world oil supplies.

In business news, BCE shares will likely come under pressure. The takeover of the company led by the Ontario Teachers’ Pension Plan hit another snag Wednesday after the Quebec Court of Appeal sided with the company’s bondholders. The bondholders had sought to block the deal.

The Appeal Court overturned Justice Joel Silcoff’s March decision to allow the takeover of the company in a deal worth $52 billion.

BCE shares closed down 28¢ at $37.12 on the Toronto Stock Exchange on Wednesday.

In economic news, Canadian retailers saw their sales remain relatively stable in March. Sales edged up 0.1% from February to an estimated $35.5 billion, Statistics Canada reported today.

A strong rise in January sales led to a 1.8% increase in retail sales in the first quarter of 2008, a growth rate similar to that of the previous quarter.

Separately, StatsCan reported that operating profits for Canadian corporations decreased in the first quarter of 2008. Results were mixed as 12 of 22 industry groups reported lower profits. Corporate profits amounted to $67.8 billion, down 1.1% from the fourth quarter of 2007.

The Canadian dollar opened up by 0.11 cent at US101.73¢.

Overseas markets were mostly lower.

European shares slipped, dragged down by weakness in the airline and auto sectors. London’s FTSE 100 was up 0.2% near midsession, while Germany’s DAX index declined 0.5% and the French CAC-40 lost 0.4%.

Asian markets finished mostly lower, but in Tokyo, the Nikkei index edged up 52.16 points to 13,978.46.

One day after topping the 15,000 mark, Toronto markets sank Wednesday as crude prices hit a record high of more than US$133 a barrel and the U.S. Federal Reserve signals further rate cuts unlikely.

The S&P/TSX Composite index closed down 256.97 points, or 1.71%, at 14,790.37 as eight of the 10 major TSX groups fell.

The junior S&P/TSX Venture composite index closed up 10.62 points, or 0.40%, at 2,671.76.

In New York, markets tumbled after the minutes of the U.S. Federal Reserve meeting revealed the central bank likely will not cut interest rates further as inflation concerns are on the rise.

The Dow Jones Industrial Average closed down 227.49 points, or 1.77%, at 12,601.19.

The S&P 500 closed down 22.69 points, or 1.61%, to close at 1,390.71.

Meanwhile, the tech-heavy Nasdaq sank 43.99 points, or 1.77%, to close at 2,448.27.