Oil prices briefly turned higher on Monday after the Saudi Cabinet stressed the country's role in the stability of the oil market. West Texas Intermediate struggled to hold gains in choppy trade, holding more than half a percent lower near $41.60 a barrel as of 8:45 a.m., ET. Earlier, WTI spiked more than 1 percent after falling nearly 2 percent.
The internationally-traded Brent benchmark pared gains to trade about 0.1 percent higher.
Other commodities, including iron ore, zinc and nickel, were trading lower on concerns of slowing demand in China. Copper fell to more than a six-year low.
The Chicago Fed National Activity Index was minus 0.04 in October, up from minus 0.29 in September.
Existing home sales is due at 10:00 a.m.
Stocks usually gain in the week of Thanksgiving, according to analytics service Kensho. The S&P 500, in the last 10 years, has averaged a gain of 1.9 percent during the week and has been positive six times. One possible negative for the week ahead could be further selling in oil, which has dipped below $40 several times in the past week.