Investors are also concerned that oil's recent gains are not sustainable amid lingering doubts about the economy.
At 6.55am AEDT on the Sydney Futures Exchange, the March SPI futures index was down 37 points at 3,640.
In economic news on Monday, the Housing Industry Association releases new home sales data for February.
The quarterly Rabobank rural confidence survey is also published.
On Friday, the Australian share market closed marginally higher after gains from the big miners drove the bourse into positive territory.
Oil prices plunged Friday on profit-taking amid a US dollar rebound and renewed concerns over rising stockpiles.
New York's main contract, light sweet crude for May delivery, dropped $US1.96 from the closing price on Thursday to $US52.38.
In London, Brent North Sea crude for May shed $US1.48 to $US51.98.
The price drop came as US stocks fell Friday after rallying most of the week on expectations that the recession gripping the world's biggest energy consuming nation may be easing.
Crude prices likely ran out of steam on worries the worst may not be over for the US economy, analysts said.
Stocks lower after weak Wall Street lead
Walgreen profits decline 7%
Will stock market’s rally stick or vanish?
