US Stock Futures Slip as Crude Pulls Back From Recent High

New York (Nov 16)  Stock futures moved lower Wednesday as crude oil pulled back from a three-week high ahead of an update on U.S. inventories.

S&P 500 futures were down 0.31%, Dow Jones Industrial Average futures fell 0.25%, and Nasdaq futures slid 0.35%. The Dow was set to snap a seven-day winning streak that propelled the index to record closing highs for the past four sessions.

Crude oil fell on Wednesday as investors awaited a weekly reading on stockpiles from the Energy Information Administration. Analysts anticipate 1.1 million barrels of crude to have been added to inventories in the week ended Nov. 11. A separate reading from the American Petroleum Institute showed stockpiles rising by 3.7 million barrels over the past week.

Oil prices rocketed to their best level in three weeks on Tuesday on renewed hope of a production freeze agreement among major oil producers. The Organization of Petroleum Exporting Countries are set to meet in Vienna on Nov. 30 to discuss a possible arrangement.

West Texas Intermediate crude was down 1.5% to $45.11 a barrel on Wednesday morning.

It's a busy day on the economic calendar with producer prices and industrial production for October out before the bell and the National Association of Home Builders' Housing Market Index for November out mid-morning.

An interest rate hike in December is looking more and more likely after Federal Reserve Bank of St. Louis President James Bullard joined the chorus of Fed members leaning toward an end-of-year increase. Bullard noted that the Fed's monetary policy outlook has not changed following Donald Trump's presidential victory.

Source: TheStreet