* Futures down: Dow 63 pts, S&P 7.25 pts, Nasdaq 12 pts
By Tanya Agrawal
Nov 28 (Reuters) - U.S. stock index futures pulled back on Monday, after the three major indexes extended their post-election rally and closed at record highs.
* The three indexes closed higher for three weeks in a row, with the S&P 500 notching its seventh record close since Nov. 8.
* Oil prices were lower in choppy trading as the market grappled over the shaky prospect of OPEC producers being able to agree output cuts at a meeting on Wednesday aimed at reining in global oversupply.
* European shares were pressured by the drop in oil prices. Investors also awaited a referendum on constitutional reform in Italy on Sunday.
* The dollar index extended its losses on Monday, retreating from its highest levels since 2003, as U.S. Treasury yields eased from recent peaks.
* The dollar had been on a tear on expectations that President-elect Donald Trump’s infrastructure spending plans will boost inflation as well as a high likelihood of an interest rate hike in December.
* The U.S. Federal Reserve will next meet on Dec. 13-14, with traders pricing in an 89 percent chance of a hike.
* “An air of caution swept across the financial markets as doubts of a successful OPEC deal weigh heavily on global sentiment,” said Lukman Otunuga, research analyst at FXTM.
* “Although Wall Street concluded last week near historical highs, losses could be realized if Asia’s and Europe’s bearish contagion contaminate American shares.”
* ConocoPhillips was up 1.1 percent at $46.24 in premarket trading after Goldman Sachs raised its price target on the stock.
* Amazon was down 0.3 percent at $778 after Citigroup reduced its price target on the stock.
Futures snapshot at 7:04 a.m. (1204 GMT):
* S&P 500 e-minis were down 7.25 points, or 0.33 percent, with 131,071 contracts changing hands.
* Nasdaq 100 e-minis were down 12 points, or 0.25 percent, in volume of 19,074 contracts.
* Dow e-minis were down 63 points, or 0.33 percent, with 28,265 contracts changing hands. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)