US equity futures were cautiously lower pre-bell Monday as traders eyed the Federal Reserve's interest rate decision due for release later in the week.

The Dow Jones Industrial Average futures fell 0.4%, S&P 500 futures declined 0.2%, and Nasdaq futures were down 0.1%.

The policy-setting Federal Open Market Committee is scheduled to begin its two-day meeting Tuesday, which will end with a rate announcement at 2 pm ET on Wednesday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $71.50 per barrel and US West Texas Intermediate crude 1.4% higher at $67.84 per barrel.

US retail sales, scheduled for release at 8:30 am ET, are expected to have increased by 0.6% in February following a 0.9% downtick in January. The Empire State Manufacturing index is seen coming in at minus 1.9 in March versus February's 5.7 level, according to estimates compiled by Bloomberg.

Forecasters are expecting a 0.3% increase in business inventories, due at 10 am ET, for January. The US housing market index is expected to come in flat in March at 42.0.