US STOCKS-Futures higher as oil shows glimmers of recovery
* Futures up: Dow 56 pts, S&P 8 pts, Nasdaq 10 pts
By Tanya Agrawal
Feb 3 (Reuters) - U.S. stock index futures were higher on Wednesday as oil prices recovered slightly and investors awaited a fresh batch of U.S. economic data, including a report on job growth in the private sector.
* Oil prices pared some losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world's largest producers could act to boost prices.
* Shares of oil majors Exxon and Chevron were up about 0.4 percent in premarket trading.
* Oil prices have fallen about 70 percent in the past 18 months, hit by a growing glut and cooling economic growth in China and other emerging markets.
* Falling oil prices, tepid U.S. growth and fears regarding a China-led global slowdown have been major factors for a torrid start to the year for stocks. The S&P 500 is already down 6.9 percent this year.
* Investors have also been keeping a keen eye on U.S. economic data for clues regarding the pace of future rate hikes by the Fed. Fed fund futures are pricing in only one hike this year, below the projection by the Fed's policy board members that rates could be increased four times.
* Payrolls processor ADP is likely to report that private employers added 195,000 jobs in January, lower than the 257,000 they added in December. The data is expected at 8:15 a.m. ET (1315 GMT) and comes ahead of the more comprehensive employment report by the U.S. government on Friday. Continuación...