Oil Prices Rebound as US Stock Index Futures Rise Ahead of Inflation Data

U.S. stock index futures ticked higher on Thursday as crude oil prices retreated ahead of inflation data releases.

Brent crude futures fell about 2% after six consecutive sessions of gains, with investors reassessing prospects for weaker global demand this year and higher U.S. crude stocks.

Analysts at UBS Global Wealth Management stated that while 'oil volatility remains a risk, we do not currently see higher energy prices as a source of sustained underlying inflationary pressure.'

The Federal Reserve's interest rate path will be closely watched following July producer price data, which is due out later in the day. The benign July consumer inflation data has strengthened expectations that the Fed will hold interest rates steady at its next meeting.