At 12:30 GMT, the US Department of Labor showed that the unemployment claims were at 293K during the week ending in October 8, the lowest reading since March 2020, better than forecasts of 315K, and better than the previous reading of 329K. This data is positive for the US economy.

Oil prices continued to rise as the US market opened on Thursday, for the second day in a row, rising near multi-year highs, thanks to record natural gas prices, but today's gains are curbed by a build in US crude inventories, according to preliminary data of the American Petroleum Institute, and ahead of the Energy Information Administration's official report later today.

US crude rose 1.4% to $81.63 a barrel, after opening at $80.53, and hit a low at $80.43, and Brent crude rose 1.1% to $84.42 a barrel, after opening at $83.46, and hit a low at $83.20.

The US crude gained less than 0.1% yesterday, resuming gains after taking a pause due to profit-taking from a 7-year high of $82.15, and Brent crude rose 0.2%, near its 3-year high of $84.58 a barrel.

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 5.2 million barrels to 429 million barrels during the week ending October 8, which is the highest level since the week ending September 3, while analysts forecast a rise by 0.7 million barrels.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.1 million barrels.

While the US output rose 200,000 barrels last week, with the total at 11.3 million barrels per day, which is the highest level since the week ending August 27.

At 12:30 GMT, the US economy released its reading for the producer price index, which rose by 0.5% in September, less than the previous reading 0.7%, and worse than forecasts of 0.6%.

The core reading (excluding food and fuel prices) rose by 0.2%, worse than forecasts of 0.5%, and worse than the previous reading of 0.6%. This data is negative for the US dollar.

European stocks rose on Thursday, and hit a 2-week high while on track for the second straight daily gain, thanks to improved risk appetite after a drop in the US T-bond yields, while today the mining sector led the gains thanks to Chinese demand hopes.

The Stoxx Europe 600 index rose 0.9% as of 11:10 GMT, and the highest level since September 27 at 464.82 points, after closing higher by 0.7% yesterday.

The mining sector saw the largest gains in Europe today, with a rise of more than 2.8%, thanks to hopes of strong demand in China.

The 10-year US Treasury yield fell 0.5% today, deepening losses for the third straight day, and pulled back further from a 4-month high of 1.636%, which lifts demand for gold.

The Federal Reserve's meeting minutes showed that the US central bank would start cutting its bond-buying program by mid-November, but monetary policy makers remained divided over the high inflation and the extent of the need for an interest rate hike.

S&P 500 futures rose 0.7% today, after the index closed higher by 0.3% yesterday, its first daily gain in 4 sessions.

Back to Europe, the Euro Stoxx 50 index rose 0.9%, France's CAC 40 rose 0.9%, Germany's DAX index rose 1%, and the UK's FTSE 100 rose 0.9%.