U.S. stocks open high on rising oil prices

U.S. stocks opened high Thursday as investors were encouraged by a strong rebound in oil prices.

Oil prices surged Thursday, with both U.S. oil and Brent crude jumping over 4 percent in early trading, as a huge wildfire near Canada's oil sands reservoir raised concerns over a near-term supply shortage.

On the economic front, in the week ending April 30, the advance figure for seasonally adjusted initial jobless claims was 274,000, an increase of 17,000 from the previous week's unrevised number of 257,000, said the U.S. Labor Department on Thursday.

The four-week moving average was 258,000, an increase of 2,000 from the previous week's unrevised average of 256,000.

Meanwhile, investors also kept a close eye on Friday's nonfarm jobs report for more clues on the Federal Reserve's next rate hike.

Shortly after the opening bell, the Dow Jones Industrial Average rose 27.12 points, or 0.15 percent, to 17,678.38. The S&P 500 increased for 3.28 points, or 0.16 percent, to 2,054.40. The Nasdaq Composite Index was up for 13.36 points, or 0.28 percent, to 4,739.00.

On Wednesday, U.S. stocks extended losses as Wall Street assessed a slew of mixed economic reports. Endi