NEW YORK (CNN/Money) - A new rise in oil prices could give stocks a tough start to the week, as investors eyed both a meeting of OPEC ministers and a new storm that could be headed towards oil facilities in the Gulf of Mexico.

U.S. stock futures were down in early trading, indicating a lower opening for stocks.

The rise in oil prices comes even as OPEC ministers may drop production quotas at their meeting in Vienna. But oil prices also got a boost from Tropical Storm Rita, which is heading towards the Florida Keys and could soon be upgraded to hurricane status as it moves into the Gulf.

The damage done to oil platforms and refineries by Hurricane Katrina late last month caused a spike in oil and gas prices to record levels. Oil analyst Peter Beutel of Cameron Hanover said that no matter what action comes out of the OPEC meeting, it probably can't give much relief to U.S. prices.

"U.S. refineries prefer a lighter grade of crude than OPEC can add right now," said Beutel. "The big problem is the refining issue. Now with another storm threatening the Gulf, and the half the Gulf that avoided Katrina, it has traders spooked this morning. We really don't need another storm near the producing areas at all."

The October light crude futures contract for NYMEX gained $1.14 to $64.14 a barrel in electronic trading, while the November contract for Brent crude rose $1.19 cents to $63.

Asian markets ended generally higher Monday, although Tokyo and Hong Kong exchanges were closed due to holidays. Major European markets were mostly higher in early trading, although Germany's Dax was sharply lower due to uncertainty as to which party won the national elections there Sunday.

Treasury prices were higher, cutting the yield on the 10-year note to 4.25 percent from the 4.27 percent level late Friday.

The Federal Reserve is set to meet Tuesday, and after earlier hopes that it might pause in its path of measured rate hikes as it weighed the impact of Katrina, there is now consensus that another quarter percentage point rate hike will be announced.

The dollar gained ground against on the euro due to the German election; it also advanced versus the yen.

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