North American markets may open weak Tuesday, weighed down by surging oil prices and data showing a surprising drop in U.S. consumer spending.

In this morning’s economic news, U.S. consumer spending registered its biggest drop since September 2001 in June, falling 0.7% as spending on durable goods plummeted 5.9%. Personal income grew 0.2%.

Oil prices soared to a new all-time high above US$44 a barrel today, after OPEC said it couldn’t immediately boost production.

There are no major economic releases from Statistics Canada today.

Asian stock markets closed mixed overnight.. Tokyo’s Nikkei dropped 81.67 points, or 0.73%, to 11,140.57.

In Hong Kong, the key Hang Seng Index rose 1.27% to 12,357.12.

Brokers said prices rose in line with Monday’s gains on Wall Street.

While Canadian markets were closed for a civic holiday on Monday, Walls Street stocks closed higher on upbeat earnings report from Procter & Gamble Co. and a positive reading on manufacturing activity.

The Dow industrial average closed up 39.45 points, or 0.4%, at 10,179.16. It was the Dow’s fifth-straight advance,

The S&P 500 index rose 4.90 at 1,106.62, and the tech-heavy Nasdaq composite index was up 4.73, or 0.3 per cent, at 1,892.09.

Stocks were under some pressure after warnings from the U.S. government over the weekend that financial institutions could be targeted by terrorists.