"While the decline in the U.S. rig count has been faster than we expected, it remains insufficient in our view to balance the U.S. market in 2016," Goldman said in a note on Monday. "Prices need to stay low for longer to achieve a sufficient and sustainable slowdown in U.S. production growth."
Brent crude futures for May fell around 55 cents to $57.56 a barrel, after hitting $58.24 in the previous session, its highest since March 27. U.S. May crude was down 75 cents at $51.38 a barrel, after ending Monday at the highest closing price since mid-February.
On the data front, most attention will likely be on Wednesday's publication of the minutes from the Fed's most recent meeting last month, which will no doubt be closely watched for any further insights into the central bank's near-term policy outlook.
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Meanwhile, Tuesday brings February consumer credit figures at 3:00 p.m. ET and JOLTS data at 10:00 a.m. ET.
Earnings expected on Tuesday include Dave & Buster's after the bell. Alcoa reports earnings on Wednesday and marks the start of the earnings reporting season. Next week, major banks and technology companies report.
FedEx will buy Europe's TNT Express for $4.8 billion, pending regulatory approval. That approval was not forthcoming two years ago when FedEx competitor UPS tried to buy TNT but was rebuffed by competition officials.
Starbucks will expand its college tuition assistance program to cover the total cost of an online bachelor's degree.
Intel will change its financial reporting structure, effective on the presentation of its fiscal first quarter results on April 14. The changes reflect the combination of the chip maker's PC Client Group and Mobile and Communications Group to form its new Client and Computing Group.
Viacom announced a realignment that will result in a new structure, job cuts, and a $785 million pre-tax charge for the second quarter.
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European equities were higher on Tuesday with fears over an impending rate hike in the U.S. receding and investors cheering acquisition news in the courier delivery sector.
U.S. stocks closed higher on Monday, rebounding from initial losses on the disappointing jobs report Friday as it gave investors renewed hopes of a delayed increase in rates.
—CNBC's Peter Schacknow contributed to this report.