Wall Street set for a higher start as UK and EU agree on a draft Brexit deal

US stock futures 

UK and EU reach new Brexit deal

US stock futures signaled a higher open for Wall Street on Thursday after the UK and the EU agreed on a tentative Brexit deal.

“We have a great new deal that takes back control – now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment,” UK Prime Minister Boris Johnson said.

“Where there is a will, there is a deal – we have one! It’s a fair and balanced agreement for the EU and the UK and it is testament to our commitment to find solutions,” tweeted European Commission President Jean-Claude Juncker.

The new deal, however, will still need the approval of both the European and UK lawmakers.

At 5:30 a.m. ET, the blue-chip Dow futures advanced 58 points, or 0.22% to 26,998. The S&P 500 futures were up 7.88 points, or 0.26% to 2,999.38 while those on the tech-heavy Nasdaq 100 rose 23.5 points, or 0.30% to 7,972.

Oil falls after a sharp rise in US inventories

Oil futures were lower early Thursday after a report released by the American Petroleum Institute revealed a sharp climb in domestic crude inventories. The report showed crude inventories increased by 10.5 million barrels last week.

At 5:30 a.m. ET, U.S. West Texas Intermediate crude futures were down $0.31, or around 0.58%, at $53.05 per barrel. International Brent crude oil futures were at $59.12 a barrel, down $0.30, or about 0.5%.

Morgan Stanley earnings on tap

Banking behemoth Morgan Stanley (NYSE: MS) reports third-quarter earnings ahead of the bell today.

Other companies set to report today include Philip Morris International (NYSE: PM), Honeywell International (NYSE: HON), Union Pacific (NYSE: UNP), E*Trade Financial (NASDAQ: ETFC), SunTrust Banks (NYSE: STI),  KeyCorp (NYSE: KEY), and BB&T (NYSE: BBT).