Stock index futures dipped on Wednesday as oil prices continued to rise, even as data showed the private sector added more jobs than expected in February.

Futures initially added to slight gains after the labor market data but higher oil prices continue to weigh on equities a day after triggering a broad sell-off.

S&P 500 futures fell 3.3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 24 points and Nasdaq 100 futures dipped 6.75 points.