Members of the Organization of Petroleum Exporting Countries (OPEC) are discussing an agreement that would raise oil output by 300,000 to 600,000 barrels a day (bpd) over the next few months, Bloomberg reported, citing people briefed on the talks. That is well below the 1.5 million bpd uptick in production touted a few weeks ago, reducing investor fears of a significant slowdown in rebalancing in oil markets, which could potentially hurt oil prices. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.796372 American Dollar to Chinese Yuan = 0.147749 American Dollar to Euro = 1.164496 American Dollar to Japanese Yen = 0.008982 American Dollar to Mexican Peso = 0.057086

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.