* Futures up: Dow 111 pts, S&P 14.25 pts, Nasdaq 30.50 pts
By Abhiram Nandakumar
March 1 (Reuters) - U.S. stock index futures were higher on Tuesday, as oil prices held on to gains and weak economic data globally raised hopes of a further easing of monetary policies.
* Crude oil prices rose on the prospects of higher demand from China, the world’s largest commodities consumer. Oil prices have influenced stock markets for most of this year as investors take oil demand as a barometer of economic growth.
* Global stocks rose after disappointing euro zone PMI data and weaker-than-expected Chinese manufacturing activity bolstered the chances of central banks extending stimulus programs.
* The data will likely add to the U.S. Federal Reserve’s deliberations on its own move on further interest rate hikes.
* While Fed Chair Janet Yellen has hinted at continuing with the Fed’s plan to raise rates gradually through the year, other policymakers are calling for a pause amid the turmoil in global financial markets and slowing global growth.
* Data from the Institute for Supply Management is expected to show U.S. manufacturing activity steadied in February, with the national manufacturing index inching up to 48.5 from 48.2 in January. The report is due at 10:00 a.m. ET (1500 GMT).
* Automakers are also slated to report U.S. sales for February.
* Wall Street closed lower on Monday as energy and healthcare shares slumped, pushing the S&P 500 into losses for the third straight month.
* The S&P 500 also fell below its 50-day moving average on Monday, a sign that could spell trouble for sentiment. The index first rose above the key technical barrier on Thursday.
* The S&P 500 is down more than 5 percent for the year, with the worst performance coming from the financial sector.
* Shares of Workday were up 2.6 percent at $62 premarket after the HR software maker raised its first-quarter billings forecast.
* Marathon Oil was down 3.8 percent at $7.90 after pricing an upsized share offering at a discount.
Futures snapshot at 7:02 a.m. ET:
* Dow e-minis were up 111 points, or 0.67 percent, with 33,614 contracts changing hands.
* S&P 500 e-minis were up 14.25 points, or 0.74 percent, with 235,937 contracts traded.
* Nasdaq 100 e-minis were up 30.50 points, or 0.73 percent, on volume of 35,079 contracts. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)