Wall St futures subdued as investors eye crude prices, inflation report

U.S. stock index futures were subdued Wednesday as investors assessed the outlook for crude prices and looked ahead to a key inflation report.

March 11 (Reuters) - U.S. stock index futures were subdued in choppy trading on Wednesday as investors assessed the outlook for crude prices and looked ahead to a key inflation report, while tensions in the Middle East continued to escalate.

Energy prices whipsawed as traders weighed a report that the International Energy Agency was looking at releasing oil reserves to stabilize supply, in the face of intensifying air strikes in the Middle East that are likely to ground shipping through the strategic Strait of Hormuz for a while.

Still, remarks from President Donald Trump earlier this week offered markets some reassurance that the war might not be drawn out for months. Oil prices have fallen to under $90 a barrel from nearly $120 earlier in the week.

Later in the day, a report is expected to show consumer prices likely picked up in February as tariffs were passed through to individuals, which could add to worries of rising gasoline costs in the months ahead. The levies were deemed unconstitutional late last month.

Worries that higher energy costs could fan price pressures pushed back expectations for a 25-basis-point interest rate cut by the Federal Reserve to September from July, according to LSEG-compiled data.