North American stocks were trading higher on Thursday as oil companies are surging along with strong earnings reports for companies like Facebook and Under Armor.

The price of oil rose 7 per cent Thursday, briefly trading above $34 per barrel as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.

"If there was a cut it would be very bullish and there's a reaction that's pushing oil higher," said Brenda Kelly, head analyst at London Capital Group.

The TSX was up by more than 100 points to 12,494 nearing midday.

Facebook shares surged after it reported that its profit more than doubled Thursday. eBay's shares tumbled on disappointing guidance.

The Dow Jones industrial average rose 129 points, or 0.8 per cent, to 16,073. The Standard & Poor's 500 index rose 19 points, or 1 percent, to 1,902. The Nasdaq composite rose 63 points, or 1.4 percent, to 4,531.

With files from Reuters News Agency