US stock futures cling to positive ground as oil wobbles
New York (Jan 18) US stock futures rose on Monday in a shortened session of trading, with fortunes closely tied to oil prices. Up over 100 points at one stage, Dow Jones Industrial Average YMH6, +0.04% futures rose 30 points to 15,942, while S&P 500 futures ESH6, -0.07% gained 1.75 points to 1,876.75. Nasdaq 100 futures nqh5 rose 9.75 points, or 0.2%, to 4,149.75.
U.S. stock and bond markets are closed Monday for the Martin Luther King Jr. holiday. Stock futures contracts will trade until 1 p.m. Eastern Time.
Oil prices were under pressure on Monday as the market began bracing for an influx of Iranian oil after the removal of sanctions on the country. Oil prices fell sharply in Asia, then bounced around in Europe's open. U.S. crude oil CLG6, -0.61% was last hovering at $29 a barrel, off about 4 cents, while Brent crude LCOH6, -0.10% traded around $28.86 a barrel, down 10 cents, or 0.3%.