By Ryan Vlastelica
NEW YORK (Reuters) - Stock index futures rose on Thursday after the Arab League said a peace plan for Libya was under consideration, sending oil prices lower.
* The plan was put forth by Venezuela's Hugo Chavez, and some have questioned the substance of the plan. A resolution to the unrest in the region would remove a major headwind to equities.
* Crude prices have spiked in recent weeks on concerns the unrest in Libya could lead to supply disruptions. In recent weeks equities have had an inverse correlation with oil prices as market participants fretted that high energy costs will weigh on economic activity.
* April crude futures fell but remained above the key $100 per barrel level. Brent crude oil was down 0.8 percent to $115.46.
* Investors looked ahead to the week's jobless claims, which are seen rising to 398,000 from 391,000 in the previous week. The data is due at 8:30 a.m. EST. A return above 400,000 may be a troubling sign one day before the closely watched February payrolls report will be released.
* S&P 500 futures rose 12.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 69 points and Nasdaq 100 futures jumped 20.5 points.
* The Institute for Supply Management's February non-manufacturing index, to be released at 10 a.m. EST, is seen rising to 59.5 from 59.4 in January.
* Valero Energy Corp
* American International Group Inc
* Big Lots Inc
* Overseas, the euro zone's services economy enjoyed its fastest upturn since August 2007 in February, though it was marked by fast-rising inflationary pressures.
* U.S. stocks eked out gains on Wednesday despite another rise in oil prices as investors bet the latest data signaled the economy could absorb expected higher energy costs.
(Editing by Jeffrey Benkoe)
