Stock futures were somewhat lower early Wednesday morning as as oil prices managed to set yet another record high, going through yet another milestone and move above $130 a barrel.

U.S. stocks plunged Tuesday, after a Labor Department report showed wholesale inflation in April rose more than forecast and as the price of oil continued to rise following a prediction from T. Boone Pickens of $150 oil. The Dow industrials fell 199 points, the S&P 500 dropped 13 points and the Nasdaq Composite dropped 23 points.

At 10:30 a.m. today, weekly crude inventories data will be released. In the meanwhile, Light, sweet crude for July delivery reached a trading record of $130.47 a barrel. It has been supply concern, rather than a lower dollar, that has been moving oil lately.

Also today, the minutes of the latest Federal Reserve meeting will be released at 2:00 pm EDT. No doubt investors will scrutinize the minutes, searching for more clues on the Fed's next step, which would hope help strengthen the dollar somewhat.

On the corporate side of things, Time Warner (NYSE: TWX) shares are rising in premarket trading after the media conglomerate said that its and Time Warner Cable Inc. (NYSE: TWC)'s boards have approved the companies' legal separation, and that Time Warner will get $9.25 billion of the hefty $10.9 billion one-time dividend to shareholders TWC is paying, amounting to $10.27 per share of TWX.

Hewlett-Packard Co. (NYSE: HPQ) reported late Tuesday. It seems that rising international demand helped the results, but investors remained concerned about the company's exposure to the U.S. economy and worried how the company plans to digest and integrate newly acquired Electronic Data Systems.

Meanwhile Staples (NASDAQ: SPLS) may find it more troublesome to bid for Netherlands-based Corporate Express after the Dutch firm said its is buying Lyreco of France for around $2.7 billion.