The U.S. Energy Information Administration reported Wednesday that crude supplies climbed by 2.1 million barrels for the week ended June 1. Analysts surveyed by S&P Global Platts had forecast a decline of 1.3 million barrels, while the American Petroleum Institute on Tuesday reported a fall of 2 million barrels, according to sources. The EIA also reported that total domestic crude production rose by 31,000 barrels a day to fresh weekly record of 10.8 million barrels a day. Gasoline stockpiles jumped by 4.6 million barrels for the week, while distillate stockpiles rose 2.2 million barrels, according to the EIA. Click Read More below for additional information.

Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela. The losses came after media reports hit saying the Organization of the Petroleum Exporting Countries and Russia are discussing plans to lift their production for the first time since 2016. Bloomberg said the major producers are considering pumping between 300,000 and 800,000 more barrels of oil a day, while Reuters said the number could be as high as 1 million barrels. Click Read More below for additional information.