Wall Street is set to open higher as crude oil prices climbed higher for the fourth straight day. Brent crude is on track to have its best four-day run in over a month.
After two years of surplus, new data shows that U.S. inventories are dropping. In light of this data, U.S. light crude and Brent crude were up almost 2%.
Chevron (CVX) and Exxon (XOM) were both up over 1% in premarket, and the S&P energy index saw the highest gains on Tuesday out of all sectors of the S&P.
Mining and energy shares helped boost global stocks on Wednesday. Investors were sold on the prospect of ongoing support from central banks.With sluggish global growth, expectations of an interest rate hike by the Federal Reserve are also diminishing.
As of 8:17 am, the S&P 500 e-minis jumped 0.56%, or 11 points. Nasdaq 100 e-minis were up 0.8%, or 34.25 points. Dow e-minis inched up 0.58%, or 96 points.
Stocks in the U.S. closed lower on Tuesday after five straight days of gains. Declines in biotech stocks and healthcare were responsible for the drop.
Yum Brands (YUM) declined nearly 16% after cutting its full-year profit forecast because of slow recovery in China and a stronger dollar.McDonald’s (MCD)also dropped 1.2% due to China’s sluggish recovery.