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NEW YORK (CNNMoney.com) -- Stocks pointed to higher open Wednesday, as a better-than-expected durable goods report offset a jump in oil prices.

After drifting in negative territory for most the morning, futures were higher less than a half hour before the markets open, indicating that stocks could climb after the opening bell rings.

Major indexes finished mixed on Tuesday as traders juggled a slew of housing and economic reports and higher oil prices.

Pushing up futures was a surge in durable goods orders, which climbed 1.3% in July, the Commerce Department reported. The number, which signaled a rise in spending, was expected to be flat after rising a revised 1.3% in June, according to analyst consensus. Both June and July marked the highest increase since December.

But tempering that sentiment was another increase in the price of oil. Crude gained $1.87 to $118.14 a barrel as Gustav battered Haiti. Some investors fear that the Tropical Storm could strengthen, regain its earlier hurricane status and head northwest into the Gulf.

Energy: The Energy Information Administration and the American Petroleum Institute are slated to release their weekly report on crude oil inventories and gasoline supplies at 10:35 a.m. A survey from energy research firm Platts estimates that crude inventories will rise by 1.5 million barrels and gasoline stocks will drop by 2.8 million barrels.

In the prior week, ended Aug. 15, crude inventories rose by 1.336 million barrels to nearly 11 million barrels, as tankers finally offloaded after being kept at sea because of Tropical Storm Edouard, according to Platts.

Economy: In a speech delivered Wednesday morning, Atlanta Fed president Dennis Lockhart said that he expected the Consumer Price Index, one of the favored measures of consumer inflation, to peak near its July levels when it hit an annual rate of 5.6%.

He added that if prices don't moderate as expected, inflation expectations could become "unmoored."

Financial results: None of the companies reporting results on Wednesday are expected to be particularly market moving. Jo-Ann Stores (JAS) and Men's Warehouse (MW) will report quarterly results after the market close, along with TiVo (TIVO).

Overseas: Markets in Asia ended higher, while European stocks were mostly in positive territory in midday trading.

The U.S. dollar weakened versus major international currencies including the euro, the yen and the British pound.