* Weekly employment numbers rise more than expected
* GoPro slumps after revenue forecast falls below estimates
* Dollar index falls to more than three-month low
* Futures down: Dow 131 pts, S&P 18 pts, Nasdaq 42 pts (Adds details, comment, updates prices)
By Tanya Agrawal
Feb 4 (Reuters) - Wall Street looked set to open lower on Thursday as oil prices slipped, pressured by oversupply and skepticism about the progress of efforts to lobby crude producers for output cuts.
Oil prices had rallied 7 percent on Wednesday as the dollar weakened after weak U.S. data and comments from a Fed policymaker signaled that further rate hikes could be delayed.
Oil majors Exxon and Chevron were down about 1 percent in premarket trading, while ConocoPhillips was down 5.8 percent after the company slashed its quarterly dividend.
The dollar index which measures the greenback against a basket of six major currencies, hit 96.65, its lowest level in more than three months.
“Investors are still keeping an eye on oil with the market reacting as if oil is a clear signal on global demand,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
Brown said the correlation between stocks and oil will continue until spring when investors will likely get a clearer picture of the underlying strength of the U.S. economy.
“Right now you have a lot of seasonal adjustments related to the winter weather. Spring is when most firms really step up their hiring and the housing market really gets going.”
Weekly unemployment data showed the number of Americans filing for unemployment benefits rose more than expected last week and nonfarm productivity fell in the fourth quarter at its fastest pace in more than a year.
The numbers come before the keenly awaited monthly employment data released by the government on Friday.
Data due at 10 a.m. ET is expected to show a 2.8 percent drop in factory orders in December after a 0.2 percent dip in November.
At 8:49 a.m. ET (1349 GMT), Dow e-minis were down 131 points, or 0.81 percent, with 57,498 contracts changing hands. S&P 500 e-minis were down 17.75 points, or 0.93 percent, with 379,321 contracts traded. Nasdaq 100 e-minis were down 41.5 points, or 0.99 percent, on volume of 50,457 contracts.
Stocks globally have had a rough start to 2016, hurt by tepid U.S. growth, falling oil prices and concern that the world faces a China-led slowdown. The S&P 500 has fallen 6.4 percent this year.
UBS cut its year-end target for the S&P 500 index to 2,175 points from 2,275 on Thursday and trimmed its earnings estimate for S&P 500 companies to $119 from $126 on weaker U.S. growth prospects.
However, chances of future interest rate increases this year are steadily fading.
Fed policymaker William Dudley said in an interview on Wednesday that monetary conditions had tightened since the Fed raised rates and that rate-setters would have to take this into account.
The federal fund futures market indicates traders no longer expect a Fed hike this year.
Dallas Fed President Rob Kaplan and Cleveland Fed President Loretta Mester, voting members on the Fed policy-making panel, are scheduled to speak on Thursday.
Weak corporate earnings have only added to worries. Fourth-quarter S&P 500 earnings are expected to have fallen 4.4 percent from a year earlier, according to Thomson Reuters data.
GoPro shares slumped 11.8 percent to $9.45 in premarket trading after the company forecast current-quarter revenue below analysts’ estimates.
Ralph Lauren was down 9 percent at $105.50 after the retailer reported a decline in sales.
Viacom jumped 7.5 to $48 after chairman Sumner Redstone stepped down from his executive role at CBS, igniting speculation that the aging mogul will step down from his role at Viacom too. (Reporting by Tanya Agrawal; Editing by Don Sebastian)