US Markets

Wall Street points to higher open on soaring oil prices; OPEC meeting in focus

U.S. stock index futures pointed to a higher open on Wednesday as traders eyed a sharp jump in oil prices ahead of a potential production cut deal from OPEC.

In oil markets, Brent crude traded at around $49.96 a barrel on Wednesday, up 7.7 percent, while U.S. crude was around $48.43 a barrel, up 6.9 percent.

OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude. On Wednesday morning, the cartel agreed on a plan to cut output based on an outline hammered out in Algiers in September, according to Reuters citing a source.

Wednesday will see a host of data reports, with Chicago PMI, pending home sales, NY Fed household debt and the latest beige book report will also be released throughout the trading day.

According to ADP and Moody's Analytics, private companies added 216,000 jobs in November, well above the expected 165,000. ADP and Moody's report is often seen as a prelude to the U.S. government's monthly jobs report, due Friday. Meanwhile, consumer spending rose 0.3 percent in October, while personal income gained 0.6 percent, the best showing since April.

On the earnings front, PVH, Box, Guess and Pure Storage are all due to report after the market close.

In Europe, the pan-European Stoxx-600 index was around 0.51 percent higher on Wednesday. In Asia, the Shanghai Composite in China closed 0.98 percent lower, while the Nikkei in Japan closed 0.01 percent higher.

—CNBC's Fred Imbert contributed to this report.