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Stock futures inched higher on Wednesday as crude added to the week's gains rocketing to around $51 a barrel. 

S&P 500 futures were up 0.17%, Dow Jones Industrial Average futures added 0.18%, and Nasdaq futures rose 0.17%.

Crude was trading at 10-month highs on Wednesday after the American Petroleum Institute reported a weekly decline in domestic inventories. U.S. supplies dropped by 3.6 million barrels in the week ended June 3, a steeper decline than an expected drop of 3.4 million barrels. Official inventories data from the Energy Information Administration will be released mid-morning Wednesday. 

West Texas Intermediate crude oil was up 1.2% to $50.96 a barrel on Wednesday morning. 

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U.S. stocks on Tuesday ended mixed but minor gains pushed the S&P 500 to score its highest close of the year for the second day in a row. The twin factors of higher oil and a less-hawkish Federal Reserve inspired small gains.

European shares fell for their first day in three after weaker data from China brought up issues over growth from the world's second-largest economy. Chinese trade data showed exports fall at a faster pace of 4.1% compared to an expected 3.6% decline. Imports fell just 0.4%, the smallest decrease in 18 months. 

Lululemon (LULU) - Get Lululemon Athletica Inc Report fell 3% in premarket trading after offering a weaker outlook for its current quarter. The yogawear retailer expects same-store sales to rise in the mid-single digits in its second quarter with earnings no higher than 38 cents a share. Profit guidance missed consensus by a penny. Excluding currency exchange, sales at existing stores rose 5% in its first quarter. 

Yahoo! (YHOO) kicked off an auction for a portfolio of about 3,000 patents expected to fetch more than $1 billion, The Wall Street Journal reported. Preliminary bids for the patents have a mid-June deadline. The beleaguered Internet company is also currently seeking potential bids for its core assets with a number of suitors reportedly expressing interest, including Verizon (VZ) - Get Verizon Communications Inc. Report .

Ralph Lauren (RL) - Get Ralph Lauren Corporation Class A Report was upgraded to neutral from underperform with a $96 price target at Bank of America. Analysts said the company is cutting costs and estimates appear to be bottoming.

Verifone (PAY) was downgraded to equal weight at Barclays and sector weight at Pacific Crest. Barclays analysts said the company lacks near-term visibility, while Pacific Crest said it is facing pricing and macro pressures in emerging markets.