The Toronto stock market looked set to give back some of last week’s gains after a strong runup in oil prices raised questions about the durability of the economic recovery.

Buyers were also cautious after a meeting of G20 nations ended with the message that they won’t provide additional funding for the International Monetary Fund until the European Union first increases its financial stabilization funds. The G20 countries would require the EU to add about €500 billion in firewall funds before the rest of world considered contributing to the region’s stabilization effort.

The Canadian dollar was down 0.38 of a cent to 99.65 cents as prices for crude and copper fell following substantial gains last week.

U.S. futures declined with the Dow Jones industrial futures down 45 points to 12,916, the Nasdaq futures were 9.2 points lower to 2,592.2 and the S&P 500 futures lost 6.3 points to 1,357.

The TSX ended last week up 268.47 points or 2.14%, leaving the main Toronto index up 6.44% year to date.

The April crude contract on the New York Mercantile Exchange fell $1.20 to US$108.57 a barrel. That is still a long way from the US$96 a barrel level where it started the month. Prices have surged primarily because of tensions with Iran over its nuclear program but also because of sighs of stronger growth in the U.S.

But worries have grown that the surge in prices could jeopardize the U.S. economic recovery and hurt corporate earnings while deepening a recession in Europe.

Copper prices also fell back after rallying about four per cent last week, partly on signs that China could take further steps to loosen lending and encourage economic growth. China is the world’s biggest consumer of the metal, which is known as an economic bellwether as it is used in so many different businesses. Copper futures were down three cents to US$3.83 a pound.

Bullion prices also backed off, down $7.40 to US$1,769 an ounce.

On the earnings front, fiscal fourth-quarter net income at home improvement company Lowe’s Cos. rose 13% on an 11% rise in revenue, helped by an extra week in the period compared with a year ago. The results beat Wall Street estimates and the home improvement company forecast fiscal 2012 revenue above Wall Street’s expectations.

In other corporate news, Bowood Energy Inc. (TSXV:BWD) says it is evaluating strategic alternatives which could include the sale of the junior Calgary oil and gas company.

SunOpta Inc. (TSX:SOY), a Toronto-based global natural and organic foods company, says it is cutting jobs and streamlining its operations to boost its finances. As well the company says it will book charges in its latest quarter and produce a loss for the period.

Air freight carrier Cargojet Inc. (TSX:CJT) said it was caught offguard by a decline in volumes in its key overnight cargo services during the fourth quarter as profits plummeted 52.2% to $3.2 million. Revenue held steady at $42.9 million.

European markets were deep in the red as London’s FTSE 100 index declined 0.88%, Frankfurt’s DAX was down 1.12% and the Paris CAC 40 lost 1.15%.

In Asia, Japan’s Nikkei 225 index ended down 0.1%, Hong Kong’s Hang fell 0.8%, South Korea’s Kospi lost 1.4% while Australia’s S&P/ASX 200 dropped 0.9%.

But mainland Chinese shares advanced. The benchmark Shanghai Composite Index added 0.3% and the Shenzhen Composite Index gained 0.3%.

Much of the rise on the TSX this year has been attributed to a string of stronger than expected American economic data, including greater expansion in the manufacturing sector and two months of back to back job gains of more than 200,000, in December and January.

Traders looked ahead for a series of key economic reports coming out this week, including the latest look at U.S. fourth quarter economic growth.

The first look at U.S. fourth quarter GDP had the economy rising at an annual rate of 2.8% and it is hoped the latest read will show it grew closer to three per cent.

In Canada, traders will get the first official estimate for how the economy grew during 2011. On Friday, Statistics Canada releases gross domestic product data for the month of December and the fourth quarter. Economists are looking for the data to show the economy stalled during the last three months of the year, growing at an annual rate of 1.8%.

Traders will also take in the latest reading on U.S. consumer confidence from the Conference Board on Tuesday while Institute for Supply Management releases its index on the U.S. manufacturing sector Thursday.

Canadian banks will be front and centre this week as the quarterly earnings season winds down.

Bank of Montreal (TSX:BMO) is scheduled to post its earnings on Tuesday while TD Bank (TSX:TD), Royal Bank (TSX:RY) and National Bank (TSX:NA) all report on Thursday.