Stock Market News: Dow, S&P 500 Set to Open Down

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Oil prices were edging higher on Monday despite a stronger U.S. dollar, but market sentiment remains broadly bearish.

Brent crude and WTI were both up 0.4% at $79.95 and $75.83 a barrel, respectively.

According to analysts at ING, speculators significantly reduced their net long positions on Brent last week, and now hold their smallest net long in the international oil benchmark since 2014.

Meanwhile, strong U.S. jobs data last week reinforced expectations that the Federal Reserve will hold off on lowering interest rates. All eyes are now on the U.S. central bank’s two-day policy meeting starting on Tuesday and the May CPI inflation data release on Wednesday.

Traders will also be watching for monthly oil-market reports from OPEC and the International Energy Agency this week for insights on the supply and demand outlook.