Iraq has decided to halt oil production, a move that would cut supply by about 2.1 million barrels a day. OPEC ministers will meet in Vienna Tuesday to discuss the shortfall.
The move comes a day after Federal Reserve Board Chairman Alan Greenspan expressed some concern that higher energy costs could slow down the U.S. economy.
The other big news of the day will be in Washington, where the Democratic Party will assume control of the Senate. The switch follows the decision of Sen. James Jeffords, I-Vt., to leave the Republican Party and become an Independent.
Stocks to watch
Amazon will meet with Wall Street analysts Tuesday in a meeting that's expected to be upbeat. Most analysts are expecting the company to reiterate previously stated goals of reaching a breakeven on an operating basis by the fourth quarter.
Comverse Technology said Monday its fiscal first-quarter earnings rose 40 percent, boosted by new orders and expanding market. The telecom equipment maker topped Wall Street estimates by a penny with earnings of 43 cents a share on sales of $365 million.
Lucent Technologies will hold a conference call with analysts Tuesday morning. Lucent Chairman Henry Schacht will brief Wall Street at SuperComm in Atlanta.
At the bell
The Dow Jones industrial average may open 4.8 points higher. The Standard & Poor's 500 index for June futures contracts was up 0.6 points to 1,268.60 at 3:19 a.m. PDT in 24-hour electronic trading.
Reuters contributed to this report.