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Oil and other things you need to know about Thursday

Croft: OPEC action important due to persistent oversupply

Markets could see some month-end window dressing as the third quarter ticks away Thursday.

There are a few economic reports, including weekly jobless claims, the final look at second-quarter GDP and the U.S. trade deficit, all at 8:30 a.m. EDT. Pending home sales are reported at 10 a.m. There are also earnings from Pepsico and ConAgra, ahead of the opening bell, and Costco reports after the close.

"Window dressing" is a term for the final touches that managers give their portfolios to lock in gains and shift their holdings for the end of the quarter.

"The market's focus is on what's happening in Japan, what are [Japanese government bond] yields doing, and they're looking ahead to next week's jobs number. I think the only data that's going to matter is the data that's going to change investors' outlook for the U.S. economy. If next week we get a significantly lower than expected nonfarm payroll number, that's really going to affect expectations for the economy," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank.