Stock index futures were slightly higher on Wednesday, stabilizing a day after a surge in oil prices led to a heavy sell-off.

* Crude oil futures topped $100 a barrel, spurring investor concerns that high energy costs could slow economic activity.

* Tensions in Libya ratcheted up as two U.S. amphibious assault ships entered Egypt's Suez Canal on their way to the Mediterranean.

* In an interview with CNBC television, Warren Buffett, the chairman of conglomerate Berkshire Hathaway Inc , said markets were anticipating possible future oil shortages.

* S&P 500 futures rose 3 points but almost even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 24 points, and Nasdaq 100 futures rose 5.5 points.

* Investors will watch Apple Inc shares as the technology giant prepares to unveil the second version of its popular iPad tablet computer, though the longer-term share reaction to the new product may be less robust.

* Costco Wholesale Corp reported second-quarter earnings and revenue that rose from the prior year, while Staples Inc posted an adjusted fourth-quarter profit that missed expectations by a penny.

* MBIA Inc late Tuesday reported fourth-quarter earnings that beat expectations.

* On the economic data front, the focus will be on the ADP employment report, which comes ahead of Friday's key payrolls report. ADP is expected to report 175,000 jobs were added in February, compared with 187,000 the month before.

* In merger news, PPL Corp

is buying German utility E.ON AG's UK power networks for $5.6 billion.

* Concerns about rising oil prices prompted investors on Tuesday to sell stocks and hedge against further declines. The CBOE Volatility Index VIX <.VIX>, Wall Street's so-called fear gauge, jumped 14.5 percent on the uncertainty.

(Editing by Jeffrey Benkoe)

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