Stocks rise ahead of inflation data from the United States.

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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.