FTSE expected to rise 31 to 34 points

LONDON (Reuters) - The FTSE 100 index .FTSE is seen opening up 31-34 points on Thursday, according to financial bookmakers, having closed 85.9 points, or 1.6 percent lower at 5,448.6 in the previous session.

Heavyweight oil shares are set to support the bluechip index at the open, after U.S. crude prices extended gains of $3 in the previous session to $116 a barrel, as a larger-than-expected drawdown in crude and gasoline stocks in the United States rekindled supply concerns.

"This will offer some welcome relief to the petrochemicals heavyweights whilst gold has also broken its recent losing streak," said Paul Webb, chief dealer at CMC Markets. "There's not much fundamental data due for release on the domestic calendar today - there's no high profile economic news."

Across the Atlantic, U.S. stocks fell on Wednesday, as persistent concerns about the credit crisis hurt bank shares while the rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending.

Japan's Nikkei .N225 lost 0.2 percent overnight.

U.S. data, which may offer further market direction as the session progresses, includes July consumer price index numbers and weekly jobless claims from 1:30 p.m.

(Reporting by Michael Taylor)