Toronto stocks will likely trade in a narrow range Monday ahead of bank earnings season and with U.S. markets closed for the Memorial Day holiday.

In morning trade, Oil was at US$133.25, up by US$1.06, in electronic trading on the New York Mercantile Exchange.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened the week at US101.02, down 0.17 cent from Friday.

In Asia, Hong Kong’s Hang Seng index fell 2.4%, losing 586.76 points to 24,127.31.

In Tokyo, the benchmark Nikkei 225 index dropped 322.01 points, or 2.3%, to 13,690.19.

On Friday, financial and energy stocks pulled Toronto’s benchmark index to close lower.

The S&P/TSX composite index fell 69 points, or 0.47%, to finish at 14,723.36, as just three of the 10 major TSX groups gained today.

The junior S&P/TSX Venture composite index gained 26.04 points, or 0.97%, to end at 2,706.37.

The Canadian dollar closed out at US1.0119¢.

In New York, grim housing market data and rising oil prices weighed heavily on markets.

The Dow Jones industrial average closed down 145.99 points, or 1.16%, at 12,479.63.

The S&P 500 closed down 18.42 points, or 1.32%, to close at 1,375.93.

The tech-heavy Nasdaq closed up 19.91 points, or 0.81%, to close at 2,444.67.

Record oil prices fueled the worst week in three months for the major U.S. indices.

For the week, the Dow fell 3.9%, the S&P 500 dropped 3.5%, and the Nasdaq fell 3.3%.