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.

Futures in New York slid 2.3 percent. Declines in the equity market, a rising dollar and concern that Trump’s tariff threats will spark a trade war acted as a downward force on crude oil. And at the same time, the Energy Information Administration reported American crude inventories rose by 2.41 million barrels last week, while production jumped to a fresh record. The EIA report also showed gasoline supplies declined for the first time since January and distillate inventories fell for a fourth straight week. Stockpiles at the key U.S. storage hub in Cushing, Oklahoma tumbled for an 11th week to the lowest since 2014. Crude inventories rose by 2.41 million barrels, lower than expectations. Click Read More below for additional information.

Trucking activity in the United States slipped in May as the freight market remained choppy. Specifically, truck freight tonnage decreased 0.1% after gaining 0.5% in April, according to the American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index. “The seesaw freight demand pattern continued in April, making it difficult to discern any clear pattern in the market,” said ATA Chief Economist Bob Costello. “Excluding the services economy — the largest part of economic activity— the goods market is all over the map, thus impacting freight levels. Construction is soft, manufacturing is up and down, and consumers are cautious.” In May, the ATA advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index equaled 113.8, down from 113.9 in April. The index, which is based on 2015 as 100, was down 1.3% from the same month last year, the first year-over-year decrease in 2025. Year-to-date, compared with the same period in 2024, tonnage was up 0.1%.