Futures edge up as oil supply fears wane

By @ibtimes on

U.S. stock index futures rose on Wednesday as oil prices held steady after an OPEC official said the group saw no need for an emergency meeting to discuss raising its output even as turmoil in Libya continued.

Brent crude edged up 0.4 percent to $113.53 a barrel while U.S. oil futures shed 0.2 percent to $104.85.

Libyan forces loyal to Muammar Gaddafi surrounded rebels in the western city of Zawiyah with tanks and snipers in the main square, witnesses said.

The 12-member Organization of Petroleum Exporting Countries believes supply is adequate, according to the official, after the group held discussions about rising prices and the loss of Libyan supplies.

S&P 500 futures gained 2.6 points and were above 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 rose 33 points, and Nasdaq 100 futures climbed 3.75 point.

Texas Instruments Inc issued a current-quarter earnings target slightly below estimates, blaming weaker-than-expected demand for chips used in personal computers.

Suntech Power Holdings Co Ltd climbed 2.8 percent to $9.25 in premarket trade a day after the world's top solar panel maker posted sharply higher quarterly earnings and reiterated its 2011 revenue and earnings outlook, which were above estimates.

HCA, the biggest U.S. for-profit hospital chain, plans to go public on Wednesday and could raise up to $3.7 billion. Analysts expect strong demand, even though its private equity owners saddled it with massive debt.

Power company Dynegy Inc said late Tuesday it may be forced to seek bankruptcy protection if it can't amend or replace its existing loan facility.

In a light session for economic data, investors will watch U.S. wholesale inventories for January at 10 a.m. EST.

European stocks rose early Wednesday, though gains were limited as investors braced for Portugal's bond auction. <.EU>

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

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