Oil prices continued to climb, on Thursday, after U.S. oil futures closed at $116.87 a barrel at the level, up $1.61, or 1.40 percent.
Brent futures were at $117.61 a barrel at the settlement, up $1.32, or 1.14 percent, according to Reuters.
Meanwhile, an OPEC+source said the group is very likely to agree to increase oil production by 600,000 barrels per day in July, exceeding previous monthly increases of 432,000 barrels per day.
Talk of increased production comes as U.S. crude and fuel inventories fell last week, as demand continued to outstrip supply, and commercial crude inventories declined even as more strategic reserves entered the market.
Crude inventories fell 5.1 million barrels in the week ended May 27 to 414.7 million barrels, compared with analysts' expectations in a Reuters poll, down 1.3 million barrels.
The Energy Information Administration said the decline comes despite the U.S. government releasing more than five million barrels of reserves last week and rising net crude imports by 83,000 barrels per day.
Refinery consumption fell by 236,000 barrels per day last week, reducing the overall utilization rate by 0.6 percentage points to 92.6 percent nationally as the U.S. summer travel season approached, the Energy Information Administration said.