[MARKET UPDATE] US equity futures are on the back foot as oil prices continue to gain with WTI crude futures up by more than 7% and approaching USD 94/bbl

US equity futures are on the back foot as oil prices continue to gain with WTI crude futures up by more than 7% and approaching USD 94/bbl.

The significant rise in WTI crude prices, now over 7% and nearing USD 94/bbl, indicates strong supply-side pressures or demand recovery, which could weigh on US equity futures as investors factor in inflationary implications. This uptick in oil prices typically affects energy sector stocks positively while potentially straining overall market sentiment, particularly in sectors sensitive to energy costs. Watch how this could shift focus in the commodities markets and impact broader asset classes, including currencies and equities.