Stock futures were modestly higher on Thursday morning as crude oil headed toward $47 a barrel.

S&P 500 futures added 0.67%, Dow Jones Industrial Average futures rose 0.51%, and Nasdaq futures climbed 0.6%.

Crude oil prices headed higher after the International Energy Agency predicted a "dramatic reduction" in global oil inventories in the second half of the year. The energy watchdog predicted a pickup in demand and reduced supply from some major producers in the back-half of the year.

The IEA said pressure would remain in the first half of the year as Iran continues to increase production to reach pre-sanction levels. 

West Texas Intermediate crude added 1.1% to $46.73 a barrel. 

The number of new claims for unemployment benefits in the U.S. hit its highest level since February 2015. Jobless claims increased 20,000 to 294,000, while the less-volatile, four-week average added 10,250 to 268,250. 

U.S. import and export prices rose in April. Core import prices rose 0.3%, half the increase analysts had expected. Nonfuel import prices rose for the first time in July 2014. Export prices increased 0.5% compared to an expected flat reading. 

U.S. stocks on Wednesday ended lower as disappointing starts to the year for Walt Disney (DIS) - Get Report and and Macy's (M) - Get Report , industry leaders of the entertainment and retail worlds, respectively, took down Wall Street. The Dow fell more than 1%. 

Kohl's (KSS) - Get Report slid 7% in premarket trading after reporting an unexpected decline in sales in its first quarter. The department store chain said revenue fell 3.7% to $3.97 billion, missing an expected slight uptick to $4.13 billion. Same-store sales slid 3.9%, below an expected 0.2% increase.

Weibo (WB) - Get Report rose more than 1% after swinging to a first-quarter profit and increasing sales by double-digits. The Chinese social network reported a quarterly profit of 3 cents a share compared to a loss of a penny a share in the year-ago quarter. Revenue jumped 24% and beat estimates. 

Sina (SINA) - Get Report , owned by Weibo, fell after reporting a quarterly loss. The China-based media company reported an adjusted loss of 4 cents a share, a penny wider than analysts had expected.