Stock futures were down but pared losses Monday as oil prices rose in volatile trading ahead an OPEC meeting in Vienna on Wednesday.

Oil prices in the U.S. gained 1.1% after trading in and out of positive territory on Monday.

Saudi Arabia suggested over the weekend that OPEC didn't need to reduce output to rebalance the oil market as increasing demand in 2017 would serve to drain a supply glut that has weighed on prices.

Saudi Arabia also pulled out of a planned meeting on Monday with non-OPEC oil producers, claiming the get-together was pointless until OPEC finalized its production targets. The 14-nation OPEC cartel is scheduled to meet Wednesday in Vienna.

S&P 500 futures fell 0.24%, Dow futures declined 0.27% and Nasdaq futures tumbled 0.14%. 

The economic calendar in the U.S. is quiet Monday but traders will be gearing up for data releases later this week, including the U.S. jobs report for November on Friday and the second estimate of third-quarter GDP on Tuesday.

European stocks traded lower Monday. The U.S. Dollar Index, which is a measure of the dollar relative to six foreign currencies, rose 0.03% to 101.42. The index has been lower for most of early Monday.

Cyber Monday, the Monday after Thanksgiving, is traditionally the busiest online shopping day of the year. But with stores releasing Internet deals earlier, more and more shoppers decided to skip the mayhem at brick-and-mortar locations and purchased goods online. 

Consumers spent $3.34 billion shopping online on Friday, a 21.6% increase from the same day last year, according to Adobe Digital Insights. 

However, a few retailers, like J.C Penney (JCP) - Get Report  and Target (TGT) - Get Report , saw strong starts to the holiday shopping season at their store locations. Online shopping giant Amazon.com (AMZN) - Get Report  will be in focus on Cyber Monday.

Schlumberger (SLB) - Get Report , the world's largest oil driller by market value, signed a preliminary deal to study an Iranian oil field, the Journal reported. 

The stock fell 0.2% in premarket trading.

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Shares of Lockheed Martin (LMT) - Get Report  are up 0.03%. Israel's security cabinet approved the purchase of an additional 17 Lockheed F-35 stealth fighter jets, bringing its total number on order to 50, according to reports.

Time's (TIME)  shares are up 10.9% in premarket trading after its board did not accept a buyout offer of $18 a share from Edgar Bronfman Jr., according to the New York Post. Bronfman is reported to have worked with Access Industries and Ynon Kreiz, a Israeli businessman on the bid.