MELBOURNE, (Reuters) – Oil prices fell on Thursday as investors waited to see what major producers would do to respond to an emergency crude oil release by large consuming countries. This was despite data showing that there is healthy U.S. fuel consumption.

U.S. West Texas Intermediate crude oil futures dropped 9 cents or 0.1% to $78.30 per barrel at 0201 GMT. This extends an 11 cent drop on Wednesday.

Futures fell 5 cents to $82.20 per barrel after having lost 6 cents Wednesday.

Fitch analyst Jake Leiby stated that while the coordinated SPR release (Strategic Petroleum Reserve), may be a short-term political victory for those involved, we don’t expect it to have any lasting effect on crude fundamentals.

Analysts stated Wednesday that U.S. Energy Information Administration data indicated gasoline and distillate stockpiles declined more than was expected, despite crude stocks rising. [EIA/S]

Kieran Tompkins from Capital Economics (NYSE:) stated in a note that the “big picture” is that product demand continues to be healthy. He also said this would add pressure on a tightening market.

Now all eyes will be on the Organization of the Petroleum Exporting Countries and Russia, also known as OPEC+. They are expected to meet next Wednesday to discuss both oil supply and demand.

Louise Dickson from Rystad Energy said that the bold action of the oil importers opened up the possibility for OPEC+’s supply policy to be adjusted downwards at the next meeting on December 2, 2021.

Each month the group added 400,000 barrels to their supply, unwinding records-breaking output reductions made last year as pandemic curbs hit demand.

Three sources confirmed to Reuters that OPEC+ was not talking about reducing its oil production despite emergency oil stock releases by India, Japan and the United States.

Traders will also be watching to see if China is going ahead with plans for oil release from its existing reserves.