According to a Reuters survey, the Organization of the Petroleum Exporting Countries' (OPEC) oil production rose in April due to an increase in supply from Iran and Iraq. OPEC's oil output increased to 32.64 million barrels per day (bpd) in April from 32.47 million in March. It was the highest level since 1997.

Saudi Arabia produced 10.15 million bpd in April, down from 10.18 million bpd in March.

Iran increased its oil production to 3.40 million bpd in April from 3.23 million bpd in March.

Oil production declined in Nigeria, Kuwait, Algeria, Venezuela and Ecuador, while oil output from Angola, Iraq, Libya and United Arab Emirates rose.

The U.S. Commerce Department released personal spending and income figures on Friday. Personal spending rose 0.1% in March, missing expectations for a 0.2% gain, after a 0.2% increase in February. February's figure was revised up from a 0.1% rise.

Consumer spending makes more than two-thirds of U.S. economic activity. Consumer spending grew 1.9% in the first quarter, the slowest pace since the first quarter of 2015, after a 2.4% increase in the fourth quarter.

This data suggests that American consumers remained cautious.

The saving rate climbed 5.4% in March from 5.1% in February.

Personal income increased 0.4% in March, exceeding expectations for 0.3% rise, after a 0.1% gain in February. February's figure was revised down from a 0.2% increase.

Wages and salaries were up 0.7% in March.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in March, in line with forecasts, after a 0.2% gain in February. February's figure was revised up from a 0.1% gain.

On a yearly basis, the PCE price index excluding food and index fell to 1.6% in March from 1.7% in February.

The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.

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