Indian shares were set to open higher on Monday after posting their longest weekly losing streak in 25 years. Easing fears over US interest rate hikes and lower oil prices lifted sentiment.

GIFT Nifty futures were trading at 22,639 points as of 7:57 am IST. That pointed to a positive start for the benchmark Nifty 50, which closed at 22,421.95 on Thursday. Indian markets were closed on Friday for a public holiday.

Both the Nifty 50 and the Sensex logged their eighth straight weekly decline last week. Record foreign selling, high crude prices and rising global bond yields weighed on risk appetite.

Sentiment improved after softer-than-expected US jobs data reduced bets on another Federal Reserve rate hike this month. That eased pressure on emerging-market assets like India.

Oil also helped. Brent crude slipped 0.6 percent to 101.6 dollars a barrel on Monday as higher Middle East exports and G7 stock releases eased supply worries. Traders said a real recovery needs oil prices to cool further and foreign selling to slow.