Oil dips on the headline

There were reports that OPEC+ could announce a two-month rollover of production today but Amena Bakr of Energy Intel cites sources who say officials are only discussing May. However she also reports that Algeria suggested a two-month rollover.

A separate report from Reza Zandi says Saudi Arabia's Prince Abdulaziz has informed the meeting behind the closed doors that its decision for the voluntary reduction of 1 million bpd will be made after the meeting today.

WTI is trading at $60.33 from a high of $60.84.

Update: Saudi Arabia is proposing a two-month rollover. That would be bullish but it looks like it might be tough to get consensus.