Oil prices reversed earlier gains on Wednesday and dropped more than 2% following indications that multiple OPEC+ participants will propose that the alliance speeds up production increases for a second straight month during their upcoming May 5th meeting.

West Texas Intermediate (WTI) for June delivery declined by 2.81%, trading at $61.85 per barrel at 10:15 am ET, while Brent crude for the same month's deliveries fell 2.71%, at $65.52 per barrel.