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OPEC+  is debating a gradual increase of 350,000 barrels per day (bpd) in May and June followed by a 400,000 bpd in July in the oil output, Reuters reported on Thursday citing an OPEC+ source.

“Saudi Arabia considers bringing back 250,000 bpd of voluntary cuts in May, another 250,000 in June,” the source further noted.

Market reaction

Crude oil prices turned south on this headline. As of writing, the barrel of West Texas Intermediate (WTI), which touched a daily high of $60.80 earlier in the session, was flat on the day at $59.50.