* Futures up: Dow 188 pts, S&P 22.25 pts, Nasdaq 52.25 pts
By Yashaswini Swamynathan
Feb 22 (Reuters) - U.S. stock index futures were sharply higher on Monday, in lock-step with oil prices, as investors look for signs of stability after a turbulent start to the year.
* Crude prices were up more than 3 percent after data showed a fall in U.S. rig counts and the International Energy Agency said it expects U.S. shale oil output to fall.
* Global stocks rose on the jump in oil prices and as weak data on private business activity in the euro zone stoked expectations of a further easing of monetary policy by the European Central Bank.
* Investors are also keeping a close eye on the U.S. Federal Reserve for its next move on interest rates.
* While Fed Chair Janet Yellen has indicated the central bank would stick to its rate hike program, policymakers appear at odds and traders have all but given up on a hike this year.
* Wall Street ended flat on Friday, but gains midweek helped the three major indexes post their best week in 2016.
* Crude oil is hovering near $30 a barrel, levels last seen in 2003. Tepid demand for energy is being seen as a sign of weakness in the global economy as growth stalls.
* Investors are also weighing the impact of a potential wave of defaults from energy companies on the financial sector. The S&P financial sector has been the worst performer among the 10 major sectors, falling 12.2 percent this year.
* Shares of Perrigo were down 1.2 percent premarket after Goldman Sachs cut its rating on the stock to “sell”.
* Fitbit was up 4.4 percent at $16.29 ahead of its results later in the day.
Futures snapshot at 6:47 a.m. ET:
* Dow e-minis were up 188 points, or 1.15 percent, with 27,169 contracts changing hands.
* S&P 500 e-minis were up 22.25 points, or 1.16 percent, with 208,675 contracts traded.
* Nasdaq 100 e-minis were up 52.25 points, or 1.26 percent, on volume of 26,264 contracts. (Reporting by Abhiram Nandakumar and Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)