US STOCKS-Futures point higher as oil offsets jobs data

* ADP says 473,000 private sector jobs cut in June

* Oil and commodity prices edge higher

* Mortgage applications hit seventh-month low

* Futures up: S&P 5.5 pts, Dow 35 pts, Nasdaq 9.75 pts

* For up-to-the-minute market news click [STXNEWS/US]

(Updates to early morning)

By Edward Krudy

NEW YORK, July 1 (Reuters) - U.S. stocks index futures pointed to a higher open on Wall Street on Wednesday as oil and commodity prices regained ground, potentially benefiting shares of natural resource companies.

But gains were limited as a report showed the private sector bled more jobs in June than expected, while mortgage applications fell to a seven-month low last week. For details see [nWEN0143] and [ID:nL1369734]

"I think what you're seeing over and over is that employment will probably be one of the last things to turn," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

"It doesn't mean things won't get better, but it does mean that by the time it does turn, it will be much more obvious that the recovery is underway."

S&P 500 futures SPc1 rose 5.5 points and were above 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 DJc1 gained 35 points, and Nasdaq 100 NDc1 futures added 9.75 points.

Oil and commodity prices, which pressured stocks in the last session as they fell in tandem with a stronger U.S. dollar, headed higher as the U.S. dollar edged down against a basket of currencies and crude futures climbed more than 2 percent back above $71 per barrel.

Exxon Mobil Corp (XOM.N) rose 0.5 percent to $66.60 in premarket trade while Chevron Corp (CVX.N) gained 0.6 percent to $70.30.

The ADP payroll data showed an economy still struggling as private employers cut 473,000 jobs in June, more than the 393,000 cuts expected from a Reuters survey but down from the 485,000 jobs lost in May.

Several bright spots came on the earnings front, with food maker General Mills Inc (GIS.N) reporting a jump in quarterly net income, driven by stronger sales of its cereals and dough products.