Futures up as oil bounces; ream of data due

NEW YORK (Reuters) - U.S. stock index futures were up slightly on Thursday, after a three-day drop by the S&P 500 as oil prices advanced and ahead of a flurry of economic data.

* The benchmark S&P index <.SPX> dropped more than 1 percent on Wednesday and has shed 2.4 percent over the past three sessions, it's worst run in two months, as weakness in oil prices has weighed heavily on the energy <.SPNY> sector.

* Falling oil prices have added to worries about global demand and raised concerns about earnings for energy companies, with year-end tax selling putting additional pressure on the group. The sector is down 14.7 percent for the year and is the worst performing of the 10 major S&P sectors.

* Brent crude managed to climb back above the $65 mark but remained near five-year lows while U.S. crude rose 1.1 percent to $61.60. [O/R]

* Investors await a trio of economic data reports at 8:30 a.m. EST, including weekly initial jobless claims data, November retail sales and import prices for November. Initial claims are expected to show a reading of 295,000 while retail sales are expected to rise by 0.4 percent. Import prices are forecast to decline by 1.8 percent.

* The data may influence investors' expectations on whether the Fed will adjust its language to keep interest rates near zero for a "considerable time" when policymakers meet next week.

* Later in the session at 10:00 a.m., business inventories data for October is expected.

* U.S.-listed shares of Teva Pharmaceutical edged down 0.5 percent to $56.10 in premarket trade after the generic drugmaker gave its 2015 outlook.

* Lululemon Athletica lost 1 percent to $46.25 in premarket trading after the maker of yoga apparel posted quarterly results.

* Staples Inc jumped 11.4 percent to $16.50 and Office Depot climbed 9.9 percent to $7.39 before the opening bell after Activist investor Starboard Value LP disclosed stakes in both office-supply retailers in a move that could set up a potential merger.

* European shares edged lower, as the slump in oil and iron ore prices weighed on a number of resource-related stocks, but declines were curbed by expectations for further monetary stimulus from the European Central Bank. In Asia, stocks fell as falling oil prices added to global growth concerns. [.EU]

Futures snapshot at 7:26 a.m. EST:

* S&P 500 e-minis were up 3 points, or 0.15 percent, with 196,161 contracts changing hands.

* Nasdaq 100 e-minis were up 1.25 points, or 0.03 percent, in volume of 40,072 contracts.

* Dow e-minis <1YMc1> were up 21 points, or 0.12 percent, with 36,481 contracts changing hands.

(Editing by Bernadette Baum)

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