US pre-open: Futures point to slightly lower start as oil prices tank again

US stock futures pointed to a slightly weaker open on Wall Street on Wednesday, with volumes likely to be low as the New Year approaches.

Dow Jones Industrial Average futures were 0.3% lower while S&P 500 futures were down 0.2%.

Stock markets in Europe were in the red, giving back some of the previous session’s gains in holiday-thinned trade as investors kept an eye on oil prices.

It was a brighter picture in Asia, however, where Japan's Nikkei closed out 2015 at its highest annual level for 19 years, finishing up 0.27% at 1,753.63. Sentiment there was underpinned by optimism that Japan's economy will recover further in 2016 thanks to improved corporate investment and private consumption.

Chinese equities also ended up, with the Shanghai composite 0.26% higher on the day and 3.7% higher on the month.

Meanwhile, the recovery in oil prices proved fleeting as they resumed their slide following a brief respite on Tuesday.

West Texas Intermediate was down 2.5% at $36.93 and Brent crude was 1.8% lower at $37.11, as worries about slowing demand and high supply weighed.

Late on Tuesday, a report from the American Petroleum Institute showed an increase of nearly 3m barrels in crude supplies in the week ended 25 December.

Forecasts that a cold snap in Europe could be short-lived also dented oil prices.

Comments from the International Monetary Fund’s managing director Christine Lagarde did little to help the overall tone.

In a guest article for German daily Handelsblatt, she said global economic growth will be "disappointing" next year.

"In many countries the financial sector still has weaknesses and in emerging markets the financial risks are increasing. All of that means global growth will be disappointing and uneven in 2016," she said, pointing to low productivity, ageing populations and the effects of the global financial crisis.

In corporate news, KaloBios Pharmaceuticals is likely to be in focus after the company, which is majority-owned by biotech investor Martin Shkreli, filed for bankruptcy.

On the macroeconomic front, pending home sales are due at 1500 GMT. Investors will also eye the release of US Energy Information Administration data on weekly oil stocks later on in the session.