US equity futures were little changed pre-bell Tuesday as traders stayed on the sidelines while the Federal Reserve begins its two-day policy meeting.

Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.3% lower.

Rising oil prices, hovering near $100 per barrel, are expected to be a key point of discussion for policymakers given their implications for inflation.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.2% at $102.40 per barrel and US West Texas Intermediate crude 2.9% higher at $95.13 per barrel.

The February pending home sales index, scheduled for release at 10 am ET, is expected to show a 0.6% decline following a 0.8% decrease in the prior month, according to estimates compiled by Bloomberg.