NEW YORK (TheStreet) -- Stock futures climbed Wednesday as crude oil rallied for a fourth straight session, its longest winning streak in nearly six months.  

S&P 500 futures were up 0.66%, Dow Jones Industrial Average futures added 0.69%, and Nasdaq futures climbed 0.88%.

Crude oil moved closer to $50 a barrel after closing at its highest level since Aug. 31 on Tuesday. The latest increase was tied to data from the American Petroleum Institute that showed a 1.2 million barrel decrease in weekly crude stocks. West Texas Intermediate crude moved higher for the fourth day in a row, up 1.8% to $49.38 a barrel. 

The energy sector was set to rally at the open. Exxon Mobil (XOM - Get Report) , Chevron (CVX - Get Report) , Royal Dutch Shell (RDS.A - Get Report) , and BP (BP - Get Report) were all more than 1% higher in premarket trading. 

Monsanto (MON) shares fell more than 2% before the bell after the company missed quarterly estimates on its top- and bottom-lines and revealed plans to cut as many as 2,600 jobs over the next two years. The agricultural company reported a loss of $1.06 a share in its fourth quarter, far steeper than estimates of a loss of 2 cents.

Yum! Brands (YUM - Get Report) plummeted 16% in premarket trading after quarterly results showed the company is still suffering from a food safety scandal in its critical Chinese market. Quarterly earnings of $1 a share missed estimates by 7 cents.  

Volkswagen (VLKAY) shares were on watch after the company's new CEO Matthias Mueller said recalls for the millions of diesel vehicles with emissions-gaming software would begin in January. Mueller also said he believed only a handful of employees had knowledge of the cheat and that his predecessor Martin Winterkorn was not involved. 

Adobe (ADBE - Get Report) dropped more than 2% after the software company issued a below-consensus forecast. The company expects full-year revenue of $5.7 billion, below estimates of $5.93 billion, and earnings of $2.70 a share, well under forecasts of $3.19. 

Anheuser-Busch (BUD)  sweetened an offer to buy SABMiller (SBMRY) in what could be the biggest deal of the year. The company has offered $104 billion in cash, or 42.15 pounds a share ($64.35). The deal represents a 44% premium to SABMiller's trading price before talks began in September. However, SABMiller has rejected the bid, arguing it still values the company too low. 

Exelon (EXC - Get Report) and Pepco (POM) shares were on watch after Washington D.C. Mayor Bowser announced her support for the merger that would create the largest U.S. utility by customer count. Bowser said the deal would boost investment in the city to $78 million from $14 million. The mayor had initially opposed the deal. 

Tesla (TSLA - Get Report) fell nearly 2% after analysts at Robert Baird downgraded to 'neutral' from 'outperform.' The firm said the Model X ramp could take longer than expected. Separately, RBC Capital started coverage with a 'sector perform' rating and $280 price target. 

Pure Storage's initial public offering was priced at $17 a share, the midpoint of its $16 to $18 a share range. At that price, the flash-storage company would raise $425 million from the 25 million shares sold. The company will trade on the New York Stock Exchange under the ticker (PSTG - Get Report) .