Crude oil futures were higher Tuesday morning amid word that Canadian production is slipping.
However, the advance in crude oil prices was limited by expectations that U.S. production will remain robust.
Last week, the number of U.S. oil rigs drilling for new production rose for a fourth straight week to 798.
WTI light sweet oil was up 43 cents at $62.11 a barrel.
US stocks were set to open sharply lower after the Presidents Day holiday.
Asian stocks finished mixed on Tuesday. Markets in China and Taiwan remained closed for the Lunar New Year holidays.
Japanese shares fell sharply after three successive days of gains. The Nikkei average tumbled 224.11 points or 1.01 percent to 21,925.10 after climbing 2 percent in the previous session. The broader Topix index closed 0.72 percent lower at 1,762.45.