North American stocks are pointing to a lower start Monday morning as oil prices climb amid simmering between Western nations and Iran over its nuclear program.

Crude-oil prices rose 70¢ to US$71.84 a barrel as Iran continued to reject calls by the United Nations to stop its uranium-enrichment program ahead of an imposed August 31 deadline.

Canadian retail sales edged down for the second month in a row in June, Statistics Canada said today.

Sales in June slipped 0.2% to $32.5 billion.

The government agency said retail spending continued to grow at a fast rate of 2.3% in the second quarter, though sales were inflated by a spike in gasoline prices.

The Canadian dollar opened at US89.37¢, up 0.49 of a cent.

In M&A news, EuroZinc Mining Corp. and Lundin Mining Corp. today announced plans to merge in a stock deal, creating a global copper and zinc producer with a market capitalization worth $3.3 billion.

Canadian Oil Sands Trust extended its friendly takeover bid for Canada Southern Petroleum Ltd. on Saturday after acquiring nearly two-thirds of the Calgary-based natural gas explorer. The oilsands operator announced it is extending its bid to September 6 after buying 9.8 million common shares of Canada Southern, or 65% of Canada Southern.

In today’s earnings news, Lowe’s said its second-quarter profit rose 11%. But the home-improvement retailer cut its full-year earnings outlook, saying higher energy prices and a slowing housing market are crimping consumer spending.

Shares of Anglo American rose after a report from a United Kingdom newspaper suggested that potential bidders CVRD, Rio Tinto and Xstrata have all hired bankers to prepare for a possible bidding war.

Overseas, most European stock markets saw minor losses, with the German DAX 30 losing 0.4%.

Japan’s Nikkei 225 index fell 136.94 points, or 0.85%, to finish at 15,969.04 on the Tokyo Stock Exchange.

In Hong Kong, the blue-chip Hang Seng Index fell 322.82 points, or 1.9%, to 17,007.88.

Toronto stocks closed lower Friday following a light trading session.

The S&P/TSX composite index lost 11.18 points, 0.1%, to 12,044.83.

For the week, the benchmark index gained 100 points.

The junior TSX Venture composite gained 7.47 points to 2,609.74.

New York markets moved up despite a disappointing earnings report from computer giant Dell Inc. and the announcement of big production cuts by Ford Motor Co.

The Dow Jones industrial average moved 46.51 points higher to 11,381.47. The Nasdaq composite index rose 6.34 points to 2,163.95. The S&P 500 index moved 4.43 points higher to 1,301.91.

For the week, the blue-chip Dow average gained 2.65%, the S&P 500 added 2.81%, and the Nasdaq Composite jumped 5.16%.