OPEC meeting ended without any deal on Thursday. OPEC members seemed to be content with the current price level. Oil prices rose in the recent weeks due to the oil supply disruptions and falling output in the U.S.

"The market is moving through the balancing process," OPEC said in its statement.

News reported earlier that according to several OPEC sources, OPEC members planned to introduce a new collective ceiling to avoid market-share battle.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Thursday. U.S. crude inventories fell by 1.4 million barrels to 535.7 million in the week to May 27.

Analysts had expected U.S. crude oil inventories to decline by 2.72 million barrels.

Gasoline inventories decreased by 1.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, slid by 704,000 barrels.

U.S. crude oil imports increased by 425,000 barrels per day.

Refineries in the U.S. were running at 89.8% of capacity, up from 89.7% the previous week.

Oil production fell to 8.735 million barrels a day last week from 8.767 million barrels a day in the previous week.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending May 28 in the U.S. decreased by 1,000 to 267,000 from 268,000 in the previous week. Analysts had expected jobless claims to rise to 270,000.

Jobless claims remained below 300,000 the 65th straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims declined by 12,000 to 2,172,000 in the week ended May 21.

Private sector in the U.S. added 173,000 jobs in May, according the ADP report on Thursday. April's figure was revised up to 166,000 jobs from a previous reading of 156,000 jobs.

Analysts expected the private sector to add 175,000 jobs.

Services sector added 175,000 jobs in May, while goods-producing sector shed 1,000.

"Job growth has moderated this spring as energy companies and manufacturers shed jobs," the Chief Economist of Moody's Analytics Mark Zandi said.

"Retailers are also more circumspect in their hiring. Despite the recent slowdown, job growth remains strong enough to reduce underemployment," he added.

Official labour market data will be released on Friday. Analysts expect that U.S. unemployment rate is expected to decline to 4.9% in May from 5.0% in April. The U.S. economy is expected to add 162,000 jobs in May, after adding 160,000 jobs in April.

According to several OPEC sources, OPEC members plan to introduce a new collective ceiling to avoid market-share battle.

"The Gulf Cooperation Council is looking for coordinated action at the meeting," a senior OPEC source said.

Saudi Arabia refused a deal on the freeze of the oil output in April, saying that it would not sign any agreement until Iran would agree to freeze its oil production. Iran has no plans to freeze its output until it would reach the pre-sanctions levels.

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