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.

Futures were little changed in New York after tumbling 2.9 percent Wednesday, the biggest daily drop since Oct. 6. Motor-fuel stockpiles rose by 6.78 million barrels last week for a fourth weekly advance, according to Energy Information Administration data. That’s more than double the most bearish estimate in a Bloomberg survey. U.S. oil output increased to a record. U.S. crude inventories fell by 5.61 million barrels last week, the EIA reported Wednesday. Oil production expanded for a seventh week to 9.7 million barrels a day, the highest level in weekly data compiled by the EIA since 1983. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $3.058; Month Ago: $3.163; Year Ago: $3.281. National Average Price for Diesel Current: $3.537; Month Ago: $3.589; Year Ago: $4.271.