OPEC+ has repeatedly stepped in to cut production and prop up prices when they start to fall below $70 per barrel. But as the group loses market share, those moves have less of an impact.

Oil futures fell nearly 2% on Wednesday as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices.

U.S. oil futures finished lower Wednesday, as pressure from uncertainty a day ahead of a decision by major oil producers on output levels outweighed support from weekly U.S. data showing a crude inventory drop of more than 5 million barrels.