West Texas Intermediate rose 3.7% to settle above $93 a barrel on Tuesday after getting an extra boost as the dollar weakened, making commodities priced in the currency more attractive. Brent settled above $100 for the first time since the beginning of August. Traders are weighing the potential of OPEC+ decreasing its crude output after Saudi Oil Minister Prince Abdulaziz bin Salman told Bloomberg futures prices are increasingly disconnected from fundamentals. Looking ahead, a US oil crude inventory report will be released Wednesday morning, offering markets a glimpse into the country’s current demand for oil.

“Oil continues to march higher today as the market digests comments regarding potential cuts from OPEC+,” said Stacey Morris, head of energy research at VettaFi. “Market observers will also be closely watching US inventory reports to see if the recent strength in gasoline demand has held up.” Adding further support to prices, Kazakh oil exports may be disrupted for months due to damaged moorings. Shippers are being asked to postpone some tanker loadings at the main export terminal for CPC Blend crude so that dive teams can assess the damage.

Oil has undergone a tumultuous period of trading since Russia’s invasion of Ukraine in late February upended flows. OPEC+ has reversed all of the output cuts made during the pandemic, but Prince Abdulaziz suggested the cartel may need to tighten production again when it meets next month.

Futures have lost about a quarter of their value since early June as escalating fears of an economic slowdown threaten the demand outlook. The potential revival of a nuclear deal with Iran, which could lead to a jump in crude exports from the OPEC producer, also added to the bearish sentiment. Yet market activity has dwindled, with open interest falling to the lowest since early 2015. Oil’s steady slide has also filtered through to the pump. In the US, gasoline prices are on their longest run of declines since 2015, potentially easing some of the inflationary pressures on the country’s economy. US diesel prices have fallen for more than 60 days, though that may reserve as demand for the fuel rises in the approach to winter. In Europe, figures released Tuesday showed economic activity shrinking for a second month.

Technical pressure is building in the products market gasoline futures approach their 200 day moving average. If prices for the September contract fall below the technical support level, it could trigger even more selling.

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