Traders said that the dollar’s rise was the main reason for the slight decline in oil prices.
Brent crude fell 22 cents, or 0.2 percent, to $91.58 a barrel at 04:27 GMT, after rising $2.94 in the previous session.
US West Texas crude futures fell 29 cents, or 0.3 percent, to $86.23 a barrel, after rising $2.89 in the previous session.
An OPEC source told Reuters that the Organization of the Petroleum Exporting Countries and its allies, OPEC +, will meet in Vienna later on Wednesday to discuss production cuts of up to 2 million barrels per day.
A cut of this size, if agreed by the group, would be the largest production cut by OPEC+ since demand was hit by the Covid-19 pandemic in 2020.
A source familiar with the matter told Reuters that the United States has urged OPEC + producers to avoid making deep production cuts, while President Joe Biden seeks to prevent a rise in gasoline prices in the United States.
Although the reduction in production may be significant, many OPEC+ countries are already pumping far less than their current quotas.
In August, OPEC+ missed its production target by 3.58 million barrels per day.
However, ANZ Research analysts said in a note that the agreement on the deep cuts “would send a strong message that the group is determined to support the market,” adding that it “would lead to significant market tightness”.
US crude oil inventories fell by about 1.8 million barrels for the week ending September 30, according to market sources, citing figures from the American Petroleum Institute, on Tuesday.
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