Stocks rise ahead of inflation data from the United States.

On Wednesday, U.S. stock index futures rose ahead of U.S. inflation data, adding to equities market gains following testimony by U.S. Federal Reserve Chair Jerome Powell the day before, while oil hit pre-Omicron highs.

Powell told a Senate hearing on his confirmation for a second term that the economy had weathered the COVID-19 increase and was ready for tighter monetary policy, but that deciding whether to reduce the Fed’s $9 trillion balance sheet would take many months.

The lack of a more aggressive rate hike schedule boosted risky assets.

After the Nasdaq (.IXIC) and S&P 500 (.SPX) had their best sessions of 2022 on Tuesday, S&P futures climbed 0.11 percent, predicting a better open on Wall Street.

Oil has risen to its highest level since the highly contagious Omicron COVID-19 form surfaced in late November, despite the fact that it has not had the same impact on fuel consumption as prior variations.

Brent crude prices increased by 0.48 percent to $84.13 per barrel, while US crude futures increased by 0.66 percent to $81.76 per barrel.