Stock futures climbed on Monday morning as oil prices clawed back from recent losses on the back of hopes for a production freeze agreement from top oil producers. 

S&P 500 futures were up 0.49%, Dow Jones Industrial Average futures rose 0.5%, and Nasdaq futures added 0.38%. 

Crude prices moved higher on Monday morning after Venezuelan President Nicolas Maduro said a deal between Organization of Petroleum-Exporting Countries and non-OPEC countries to curb output was close. Maduro said officials held a long meeting with Iranian President Hassan Rouhani. OPEC members are set to hold an informal meeting later this month. 

West Texas intermediate crude oil increased 1.4% to $43.61 a barrel on Monday.

Uncertainty over the Federal Reserve's September meeting undercut confidence on Monday. The Federal Open Market Committee is set to meet for two days on Tuesday, culminating in an announcement, forecasts and press conference held by Fed Chair Janet Yellen on Wednesday afternoon.

A chorus of Fed opinions and mix of economic data in recent weeks have inspired intense speculation over how the FOMC will move this month. Weak retail, industrial and inflation data for August have recently undermined confidence in the U.S. economy and likely pushed the Fed to err on the side of caution. Hawkish rhetoric could continue as the Fed preps markets for the eventuality of another increase later this year.

The chances of a rate hike in September sit at 12%, according to CME Group fed funds futures. Most analysts are betting on a rate hike in December, which has a 45% likelihood. However, there are some making the case for a rate hike as soon as Wednesday. 

"While concerns about inflation remain, communications from many FOMC members indicate a willingness to prepare markets for the next rate increase, if not move to that rate increase directly," Barlcays analysts wrote in a note. "Against this backdrop, we retain our outlook for a rate hike in September. We believe the data have met the Fed's threshold."

Focus on oil markets and the September Fed meeting distracted from any uneasiness over multiple bombings over the weekend. A pressure cooker bomb detonated on 23rd Street in New York on Saturday evening, though the blast was mostly absorbed by a metal trash container. The FBI and NYPD have put out calls for Ahmad Khan Rahami, a man wanted for questioning in connection to the Chelsea bomb.

Separately, a backpack holding several bombs was found at a train station near Elizabeth, N.J., on Sunday before detonating Monday morning. No fatalities were recorded in either case. The FBI is investigating both events. 

Avnet (AVT) moved higher in premarket trading after agreeing to sell its Technology Solutions operation to Tech Data (TECD) in a deal worth roughly $2.6 billion. Avnet will receive $2.4 billion in cash and 2.8 million shares of Tech Data. 

Eldorado Resorts (ERI) fell in premarket trading after agreeing to buy Isle of Capri Casinos (ISLE) in a cash-and-stock deal worth around $950 million. The acquisition values the company at $23 a share, a 36% premium on Friday's close. The number of locations Eldorado operates will more than double once the deal closes. Isle of Capri Casinos shares rose 30.5% to $22.10 in premarket trading.

TerraForm Power (TERP) was slightly higher on Monday after announcing it was exploring strategic alternatives, including a possible sale of some or all of its company. The alternative-energy company has made a confidentiality agreement with one-time parent SunEdison (SUNE) to explore its possibilities. SunEdison is currently undergoing bankruptcy proceedings. 

General Motors (GM) was upgraded to overweight from equal weight at Morgan Stanley. Analysts said the business can remain relevant and profitable for longer than expected. 

Lockheed Martin (LMT) was upgraded to outperform from market perform at Wells Fargo. The firm said the company can grow earnings at a 20% annual rate through 2020.

More from Futures

Your Need to Know - Forward Look

Your Need to Know - Forward Look

How E-Mini S&P 500 Revolutionized Equity, Electronic Trading

How E-Mini S&P 500 Revolutionized Equity, Electronic Trading

What Jim Cramer Would Do if He Was on the Fed

What Jim Cramer Would Do if He Was on the Fed

Can You Trust the Q3 Data From China?

Can You Trust the Q3 Data From China?

Market Movers: Tech Earnings

Market Movers: Tech Earnings