U.S. stocks open lower on falling oil prices

U.S. stocks opened lower on Monday after Friday's big rally, as investors kept an eye on a decline in oil prices.

Oil traded near lows for the year in the early session on Monday. The drop came after the Organization of the Petroleum Exporting Countries (OPEC) ended a meeting on Friday without any agreement to reduce the production.

Atlanta Fed President Dennis Lockhart told CNBC in an interview that economic conditions are satisfactory and the financial markets are well-prepared for the U.S. Federal Reserve to increase interest rates next week.

U.S. total nonfarm payroll employment increased by 211,000 in November, beating market estimates of 200,000, and the unemployment rate was unchanged at 5 percent, the Labor Department reported Friday.

Analysts said the solid job growth would most likely pave the way for the Fed to raise interest rates later this month for the first time in nearly a decade.

Fed Chair Janet Yellen gave an upbeat assessment of the U.S. economy last week, signaling that she is ready to raise interest rates later this month, preventing a surprise in markets or the economy.

Shortly after the opening bell, the Dow Jones Industrial Average shed 61.43 points, or 0.34 percent, to 17,786.20. The S&P 500 lost 8.28 points, or 0.40 percent, to 2,083.41. The Nasdaq Composite Index was down 15.84 points, or 0.31 percent, to 5,126.43.

U.S. stocks surged Friday, as a solid jobs report made the Fed's case for a December rate hike even stronger. Endi