Europe closed under slight pressure on Thursday in a choppy session, as investors tried to make sense of the fluctuating oil price.
Across Asian markets, the energy plays rose as oil hit the $50-a-barrel mark for the first time since November, but broader markets were mixed.
The dollar fell against the euro, yen, and franc after U.S. economic data showed weakness in business spending plans.
Gold slid to a three-month low on Friday, extending losses after Fed Chair Janet Yellen indicated the central bank could raise rates within months.
U.S. stock index futures indicated a narrowly higher open as traders eyed data and awaited comments from Yellen ahead of the Memorial Day weekend.
Oil prices tested the $50-per-barrel mark on Thursday as production outages brought a faster-than-expected recovery to an oversupplied market.
U.S. stocks closed higher Wednesday with energy leading as oil held above $49 a barrel.
Asia markets mostly closed higher on Wednesday, with Hong Kong leading gains and several major indexes advancing more than 1 percent each.
The U.S. dollar rose against the yen for a second straight day and hovered near its highest level in roughly 10 weeks against the euro.
Gold fell to a seven-week low after upbeat data boosted expectations that the Fed will press ahead with interest rate hikes.
Oil prices were higher on after the U.S. government reported a larger-than-expected drop in crude stocks.
U.S. stocks closed more than 1 percent higher Tuesday, following encouraging reports on the housing market and sharp gains in European stocks.
Europe closed sharply up on Tuesday, as sentiment was lifted by positive U.S. trade, and strong gains from banks, insurers and retailers.
U.S. stock index futures were higher on Thursday eyed the release of several pieces of data and earnings and kept an eye on rising oil prices.
U.S. sovereign bond prices were lower Tuesday as investors digested seesawing oil prices and awaited a Treasury Department sale.
Asian markets fell on Tuesday, led by declines in Japan and China, as investors await further cues from the Fed ahead of its June policy meeting.
The U.S. dollar hit its highest level against the euro in more than eight weeks on Tuesday and rallied against the yen.
Gold fell to the lowest in more than five weeks on Tuesday as the dollar hit a two-month high against a currency basket.
Oil prices fell in thin trade on Tuesday as the U.S. dollar strengthened, but losses were curbed by a likely drawdown in U.S. crude stockpiles.
U.S. stocks closed lower Monday in low volume trade as investors awaited further indications on the timing of the Federal Reserve's next rate hike.