Futures lower as U.S. crude prices retreat

[March 02, 2016]  By Abhiram Nandakumar

(Reuters) - U.S. stock index futures were lower on Wednesday, as oil prices fell after data showed crude stockpiles in the United States touched record highs.

* U.S. crude fell more than 2 percent after a report from the American Petroleum Institute (API) showed that inventories rose by 9.9 million barrels last week, way above estimates.

* However, global stocks rallied, as Brent crude steadied and positive economic data eased some fears of slowing global economic growth.

* Wall Street closed sharply higher on Tuesday, led by financial and technology stocks, after data suggested the world's biggest economy was regaining momentum.

* The U.S. economy continues to show signs of recovery even as China and euro zone countries struggle to spark their sputtering economic growth engines.

* Investors are facing the prospects of higher interest rates from the U.S. Federal Reserve, but also expect more easing of monetary policy from the European Central Bank and higher intervention from the People's Bank of China.

* Data on Wednesday is expected to show the U.S. private sector added 190,000 jobs in February, compared with 205,000 in the previous month. The report by payrolls processor ADP is due at 8:15 a.m. ET.

* The report serves as a precursor to the more comprehensive monthly jobs report by the U.S. Labor Department on Friday.

* Shares of Zynga were up 4.2 percent at $2.25 premarket after the "Farmville" creator named a new chief executive and said founder Mark Pincus would be executive chairman.

Futures snapshot at 7:00 a.m. ET:

* Dow e-minis were down 33 points, or 0.2 percent, with 27,433 contracts changing hands.

* S&P 500 e-minis were down 4.25 points, or 0.21 percent, with 199,115 contracts traded.

* Nasdaq 100 e-minis were down 4.75 points, or 0.11 percent, on volume of 23,672 contracts.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)

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