US stock futures slip as oil takes center stage on Wall Street

U.S. stock index futures pointed to a mixed open on Wednesday, with investors keeping a close eye on moves in the oil market.

Dow futures slipped 14 points, while S&P and Nasdaq futures fell 5 points and 14.25 points, respectively.

Crude prices tumbled more than 2 percent, sending energy stocks lower on Tuesday on signs of rising oil production. That raised doubts about the state of compliance by OPEC and non-OPEC countries when it came to slashing production.

On Tuesday, Libya and Nigeria – who are both exempt from the production reduction deal – were reportedly seeing increases in their oil supplies.

Prices remained under pressure on Wednesday, with U.S. crude trading around $43.50, while Brent hovered around $45.98 at 7:43 a.m. ET.

Meanwhile politics is expected to be lurking at the back of investors' minds, as the U.S. president is expected to hold a "Make America Great Again" rally in Iowa.

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On the data front, mortgage applications rose 0.6 percent as interest rates remained low. Existing homes sales data are due at 10 a.m ET.

In the earnings sphere, Oracle is set to report after the bell.

In Europe, bourses were trading lower, while Asia-Pacific markets finished trade on a negative note.

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