Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 24 cents, or 0.3%, to $80.87 a barrel at 0030 GMT.
Futures loom after the stock market showed resilience Friday. Nvidia CEO Huang made a big AI speech Sunday. Tesla EV rivals stepped up sales.
Japan's factory activity expanded for the first time in a year in May, a private-sector survey showed on Monday, but overall growth was modest and demand was still subdued while a weak yen raised the cost of imported items for some producers. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) rose to 50.4 last month from 49.6 in April, having last climbed above the 50.0 threshold - which separates growth from contraction in activity - in May 2023. The results showed "encouraging trends across the manufacturing industry, with new orders and output broadly stable and businesses remaining optimistic about the year ahead," said Pollyanna De Lima at S&P Global Market Intelligence.