U.S. stock index futures pointed to a higher open on Wednesday, as investors remained cautious over choppiness in the oil market, while looking ahead to the Federal Reserve meeting next week.
Markets have been choppy in recent sessions, with speculation over when the U.S. central bank could next raise interest rates keeping investors on edge.
In recent days, several Fed officials have made their case on how the central bank should act, with Fed Governor Lael Brainard, saying on Monday that it would be wise for the Fed to keep monetary policy loose.
Goldman Sachs recently trimmed the odds of the Fed raising interest rates when it meets, noting the absence of a clear indication that the central bank’s rate-setting group was set to tighten policy.
Meanwhile, crude futures tried to recover after Tuesday’s slide on Wednesday. Prices briefly rose in early trade after data by the American Petroleum Institute showed a smaller-than-expected build in U.S. crude stockpiles.
U.S. West Texas Intermediate last stood around $44.61 per barrel, whileBrent hovered around $46.73 a barrel. Investors will now be looking ahead to 10.30 a.m. ET today, when the latest crude inventories data is expected.
Elsewhere on the data front, U.S. import prices fell 0.2 percent, more than the expected 0.1 percent drop.
When it comes to earnings, Cracker Barrel posted mixed quarterly results, with revenues beating estimates and earnings per share coming in just below expectations. Apogee Enterprises and Apigee are also expected to post results.