US Stock Futures Rise as Oil Drops Ahead of July PPI Report

US stock futures edged higher on Thursday morning as falling oil prices provided a tailwind to markets ahead of the July producer price index report, due at 8:30 a.m. ET. Dow Jones Industrial Average futures added 102 points, or 0.2%, with S&P 500 futures up 0.2% and Nasdaq-100 futures gaining 0.1%.

Brent crude futures dropped 2% to $87.17 per barrel, while West Texas Intermediate fell 2.2%. The PPI data, which measures what wholesalers pay for raw goods and materials, follows Wednesday's July consumer price index reading and represents the next key inflation test for traders watching whether the Federal Reserve will need to raise rates further. Canadian TSX futures also moved higher alongside their US counterparts.