Crude price broke above $51 for the first time since July amid supply disruptions in Nigeria.
European stocks traded lower on Wednesday, giving up Tuesday's gains, but Asian shares edged up after the Chinese central bank said it still expected the economy to grow by 6.8 percent this year despite weak export data.
Job openings and labor turnover (JOLTs) data is released on Wednesday.
Lululemon posted a five percent quarterly decline in net profit on Wednesday.
Meanwhile, India's prime minister continues his visit to the U.S. Narendra Modi met with President Barack Obama Tuesday and attended an event with Amazon CEO Jeff Bezos who announced the company would invest another $3 billion in India.