US equity futures were cautiously higher pre-bell Wednesday as traders looked ahead to the release of the minutes from the Federal Reserve's most recent monetary policy meeting.

Dow Jones Industrial Average futures were up 0.3%, S&P 500 futures were 0.2% higher, and Nasdaq futures were also up 0.2%.

Investors are also monitoring a potential US-Europe trade deal. German Chancellor Friedrich Merz said the European Union may close a trade deal with the US in the coming days, Politico reported.

The minutes from the Federal Open Market Committee's latest meeting are scheduled for release at 2 pm ET.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.3% at $70.38 per barrel and US West Texas Intermediate crude 0.4% higher at $68.60 per barrel.

The May wholesale inventories report, due at 10 am ET, is expected to show a 0.3% decline in wholesale inventories following a 0.2% gain in the preceding month, according to estimates compiled by Bloomberg.