European markets were up in early trading on Thursday after minutes from the Federal Reserve's July meeting pointed to possible rate rise sooner than expected. On Thursday, the probability of a September rate increase rose to 22% but the probability of a December rise fell back to 48.5% from 51%, according to Bloomberg.

In London, the FTSE 100 was recently up 0.33% at 6,881.98.

The benchmark index was propped up by miners as commodity prices rose. Antofagasta (ANFGY) had gained 1.94% in early trading. BHP Billiton(BHP) - Get Report was up 1.86%, Anglo American (NGLOY) gained 1.8% and Rio Tinto(RIO) - Get Report was recently up 1.6%.

Home improvement retailer Kingfisher (KGFHY) was down 0.06% in early trading. Today it announced that group same-store sales were up 3% in the second quarter but sales in its French operations were down 3.2% due to wet weather throughout the quarter.

In Frankfurt, the Dax was up 0.42% at 10,582.42 and the Cac 40 had gained 0.39% to 4,434.83.

French unemployment fell in the second quarter to 9.9%, better than economists had predicted. The unemployment rate in the first quarter was 10.2%.

French president Francois Hollande has promised to not stand for re-election in next year's general election if the unemployment rate does not improve.

In Paris, ArcelorMittal(MT) - Get Report was up 1.43%.

In Switzerland, Nestle (NSRGY) was up 0.96% after the company posted first-half sales growth that came in below expectations but reiterated its full-year guidance amid a pledge boost margins and underlying earnings per share in constant currencies.

The company also said that it would raise prices in the U.K. because prices hit "rock bottom" in the second quarter.

Futures were pointing to a positive opening, with Dow Jones Industrial Average mini futures up 0.10% and S&P 500 mini futures up 0.09%.

West Texas Intermediate was recently up 0.75% at $47.14 and Brent Crude was up 0.34%, cracking the $50 a barrel mark at $50.02.