U.S. stock futures inched lower Wednesday, putting the market on track to add to its two-day slump that is been driven in large part by oil’s tumble.
Oil futures CLF6, +0.96% were finding some support early Wednesday, after the industry group American Petroleum Institute said crude inventories may have decreased by 1.9 million barrels in the week ending December 4.
While a decline in API inventories and better than expected economic data from Japan and China “appear to be getting the credit for the moderate moves [in oil], to me this appears to be a normal trading bounce to ease short term oversold conditions,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note.
