NEW YORK (CNN/Money) - Stocks looked set to advance early Monday following a week when markets were hammered by high oil prices and downbeat earnings news.

U.S. stock futures were up in early trading, indicating a higher opening for stocks.

Wall Street could be taking heart in the struggle between Northwest Airlines and its 4,200 mechanics who have entered their third day of a strike that has had little impact on the company. (Full story.) With the absence of sympathy strikes by other organized workers, the battle has been considered a victory for the airline and a blow to labor.

Meanwhile, oil prices turned lower in early trading but still remained above $65 a barrel.

The September light crude futures contract for NYMEX slipped 27 cents to $65.08 a barrel in electronic trading early Monday, while the October contract for Brent crude was down a penny at $64.35.

But crude futures looked set to rise on news that Iraq's oil exports were shut down Monday due to a power cut that darkened parts of Iraq that include the country's only functioning oil export terminals. According to Iraqi officials, sabotage was responsible for the blackout.

A sharp upturn in oil prices could weigh on stocks.

No economic reports are due Monday.

Major markets in Asia closed higher Monday, while major European markets were up in early trading.

Treasury prices were lower, raising the yield on the 10-year note to 4.23 percent from the 4.20 percent level late Friday. The dollar lost ground against the euro and the yen.

For a more detailed look at the markets before the open, click here.