Oil Slips as Fears of Imminent OPEC+ Output Cut Fade

Oil prices fell on Wednesday, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, Reuters reported.
Global benchmark Brent crude futures fell 40 cents, or 0.4%, to $99.82 a barrel by 0337 GMT, after rising 3.9% on Tuesday.
The U.S. West Texas Intermediate crude futures contract was down 27 cents, or 0.29%, at $93.47 a barrel, having jumped 3.7% the previous day.
Potential OPEC+ production cuts may not be imminent and are likely to coincide with the return of Iran to oil markets should that country clinch a nuclear deal with the West, nine OPEC sources told Reuters on Tuesday.
U.S. gas prices shot above $10 for the first time in about 14 years due to a surge in prices in Europe, where tight supplies persist.
Underlining tight supply, U.S. crude stockpiles fell by about 5.6 million barrels for the week ended Aug. 19., according to market sources citing American Petroleum Institute figures on Tuesday, against analysts’ estimate of a drop by 900,000 barrels in a Reuters poll.

But gasoline inventories rose by about 268,000 barrels, while distillate stocks increased by about 1.1 million barrels.