Oil prices plunged on Wednesday, following a nearly 4% rise the previous day, as fears of an impending output cut by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, faded.

Brent crude futures fell 40 cents, or 0.4%, to $99.82 per barrel after rising 3.9% on Tuesday.

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The West Texas Intermediate crude futures contract in the United States was down 27 cents, or 0.29%, at $93.47 per barrel after rising 3.7% the previous day.

Both contracts rose on Tuesday after Saudi Arabia‘s energy minister hinted at the likelihood of supply cuts to stabilise a market he defined as “schizophrenic,” with the paper and physical marketplaces becoming increasingly disconnected.

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“Tuesday’s rally was overdone as many investors knew it would take several months for Iranian oil to flow into the international market even if an agreement to revive Tehran’s 2015 nuclear deal was made, meaning OPEC+ would not trim output so quickly,” said Kazuhiko Saito, chief analyst at Fujitomi Securities.

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“Still, there is not much room for the market’s downside due to robust heating fuel demand for the winter,” he said, citing that the recent rally in the U.S. heating oil market and surging natural gas prices boosted expectations for stronger heating oil demand and tighter crude supply.

Due to a spike in costs in Europe, where supplies remain limited, gas prices in the United States surpassed $10 for the first time in almost 14 years.

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U.S. oil stocks declined by around 5.6 million barrels for the week ended August 19, reported Reuters citing American Petroleum Institute numbers on Tuesday, compared to analysts’ estimates of a drop of 900,000 barrels in a Reuters poll.

However, gasoline stockpiles climbed by around 268,000 barrels, while distillate stocks rose by almost 1.1 million barrels.