U.S. stock-index futures were mixed early on Monday after Goldman Sachs raised its price forecast for WTI crude oil in 2016 but cut it for 2017.
The bank now sees crude averaging $45 per barrel in the second quarter of 2016 and $50 per barrel in the second half of the year. It forecasts light crude prices will average $52.5 per barrel in 2017, down from its previous forecast of $57.5.
"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected and we are pulling forward our price forecast … However, we expect that the return of some of these outages as well as higher Iran and Iraq production will more than offset lingering issues in Nigeria and our higher demand forecast," Goldman said in a report sent to CNBC on Monday.
WTI and traded more than 2 percent higher, with U.S. crude near $47.27 a barrel and brent just below $49 a barrel as of 8 a.m. ET.
European stocks were slightly lower in early morning trade ET. German markets were closed for a holiday.
Disappointing official data out of China on Saturday raised further concerns about the health of the world's second-biggest economy. The Chinese National Bureau of Statistics reported that investment, factory output and retail sales all grew slower than expected in April.
U.S. economic data due on Monday include the Empire State Manufacturing report was minus 9.02 in May versus positive 9.56 in April.
Treasury yields held higher, with the 2-year yield around 0.77 percent and the 10-year yield near 1.73 percent as of 8:31 a.m. ET.
The National Association of Home Builders housing market index is due later in the day. No major earnings are expected on Monday.
The Federal Reserve Bank of Minneapolis will host its second "Too Big to Fail" symposium on Monday, with speakers including Neel Kashkari, the president of the Minneapolis Fed and Ben Bernanke, the former chair of the Federal Reserve.
Investment bank KBW cut its rating on Bank of America to "market perform" from "outperform" on Monday, saying BofA has "more work to do to improve returns and drive shareholder value higher longer-term."
In tech news, Apple's chief executive, Tim Cook, met with Chinese app developers in Beijing on Monday. This followed last week's announcement that Apple had invested $1 billion in Didi Chuxing, a Chinese app that offers ride-hailing services similar to Uber in the U.K. and the U.S.
Meanwhile, according to a report in The Wall Street Journal, Amazon will launch a new private-label brand in the coming weeks that will include perishable food items.
BP shares rose 0.5 percent early on Monday on the London Stock Exchange after the oil supermajor doubled its stake to 32 percent in a development in the U.K. North Sea.
IMF First Deputy Managing Director David Lipton began a two-day visit to Iran on Sunday, as investor interest grows in the country following the recent lifting of international sanctions.
Correction: This story was revised to correct the release date of the Chinese data to Saturday.