Wall Street to mull oil price cuts, Japan GDP

U.S. stock index futures declined on Monday, following weak economic data from Asia and after Morgan Stanley slashed its forecast for oil prices until 2018.

The S&P 500 and Dow ended at record highs last week following nonfarm payrolls data that showed U.S. employers created 321,000 jobs last month, the largest gain since January 2012. The unemployment rate remained unchanged at a six-year low of 5.8 percent.

However, economic news was more negative from Asia on Monday, with revised figures for Japan showing the economy shrunk by an annualized 1.9 percent in the third quarter. Plus, trade data showed China's exports and imports slowed sharply in November.

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Meanwhile, both Brent and WTI crude oil fell by more than a dollar on Monday, after Morgan Stanley cuts its oil price forecasts up until 2019.

"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015. Prices are set up to fall in the first half of 2015," said analysts Adam Longson and Elizabeth Volynsky in a report out late on Friday.

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No major economic data is due from the U.S. on Monday. The one major company reporting earnings is Vail Resorts, ahead of the market open.