OPEC+ is debating a gradual increase of 350K bpd in May, 350K bpd in June and 400K bpd in July, according to a report.

WTI touched the lows of the day at $58.91 shortly before this as the Saudi effort towards a two-month rollover failed and talk of a Saudis reversing their 1 mbpd voluntary cut did the rounds.

The market likes the sound of this slow increase in production but that will also depend on what Saudi Arabia does afterwards with the 1 mbpd voluntary cut.

Update: Another report is saying Saudi Arabia has proposed bringing back 250K bpd of its production in May, the same in June and the final 500 kbpd in July.