Stocks Headed Lower; Oil Tops $55 By Michael Flaherty NEW YORK (Reuters) - U.S. stock futures pointed to a lower market open on Monday, following a broad sell-off on Friday, as oil prices set new records above $55 a barrel, fueling worries that soaring energy costs will bite into corporate profits. Ispat International NV (IST.N: Quote , Profile , Research ) said it would buy LNM Holdings NV and then will purchase International Steel Group Inc. (ISG.N: Quote , Profile , Research ) in separate transactions to form the world's largest steel company, to be named Mittal Steel Co. Marsh & McLennan Cos. (MMC.N: Quote , Profile , Research ) will remain in focus after The Wall Street Journal reported that Chairman and Chief Executive Jeffrey W. Greenberg is expected to resign amid pressure over a probe announced two weeks ago into improper insurance industry practices. S&P 500 futures were down 5.4 points, below fair value accounting for dividends, interest rates and time to expiration on the contract, indicating the market would open lower. Dow Jones industrial index futures dropped 43 points, while Nasdaq 100 futures fell 9 points. The blue-chip Dow closed at its lowest point this year on Friday, while the S&P hit its lowest level since Aug. 23. "More than anything, the market is getting hit by oil staying above $55 a barrel," said Edgar Peters, chief investment officer and director, at Boston-based PanAgora Asset Management Inc. Also weighing on the market is uncertainty surrounding the U.S. presidential election and worries of an attack prior to election day next week, Peters said. U.S. crude oil futures (CLc1: Quote , Profile , Research ) hit a new peak of $55.67 a barrel on Monday as a threat by Norwegian ship owners to halt production in the world's third biggest exporting nation stoked fears of a supply crunch ahead of winter. Oil prices were at $55.10 in electronic trading. Adding to market pressure on Monday was a broad weakness in European and Asian markets. In addition, the U.S. dollar hit six-month lows against the yen (JPY=: Quote , Profile , Research ) on Monday, on continuing worries about the U.S. economy and the widening trade deficit. Expanding on the insurance probe, the office of New York Attorney General Eliot Spitzer has uncovered evidence of improper business practices at Aon Corp. (AOC.N: Quote , Profile , Research ) , the world's second-largest insurance broker, the New York Times reported late on Sunday. Quelle "Stocks Headed Lower; Oil Tops $55" : reuters.com Main page for "Stocks Headed Lower; Oil Tops $55"