NEW YORK (TheStreet) -- U.S. stock futures were falling Monday as crude prices continued to hemorrhage and Japan's economy looked to be in worse-than-expected shape.
S&P 500 futures fell 0.34% and Nasdaq futures tumbled 0.32%. Dow Jones Industrial Average futures slid 0.32%. Investors will be keeping close watch on the Dow throughout the session to see if it can top 18,000, a level around 40 points away.
Brent crude prices hit a five-year low, while West Texas intermediate crude tumbled more than 2% to below $65 a barrel on continued fears the commodity will crash as supply outstrips demand.
Several investment banks, including Morgan Stanley, cut oil forecasts after OPEC said it would not limit output to address the supply glut. Morgan Stanley analyst Adam Longson slashed forecasts for oil to bottom as low as $43 a barrel in 2015.
Japan looked to be in worse shape after a second reading of third-quarter GDP showed contraction at a rate of 1.9%, faster than an initial estimate of 1.6%. Asian markets closed higher, with Japan's Nikkei gaining 0.08%.
ConocoPhillips (COP) dropped 1.3% after setting its 2015 capex budget at $13.5 billion, around 20% below 2014 spending.