Oil slumped for the second consecutive day, slumping over 1% on Wednesday on soared US stockpiles and hints that OPEC+ producer group is during a technical meeting the following week, is not likely to alter its production policy.

Brent crude slumped 1.12% to $85.28 per barrel while US WTI dropped 1.14%, to $80.69 per barrel.

Prices have plunged since it touched a peak in October the previous week and lingered at 3% almost above the closing price for the first week in March.

The rally in the US crude inventories and projections of the possibility of OPEC+ taking no action next week has spurred additional downward pressure on oil prices, leading to increased profit-taking following the mid-March rally, according to IG market strategist Jun Rong Yeap.

Market sources, citing figures from the American Petroleum Institute on Tuesday, reported that U.S. crude oil inventories increased by 9.3 million barrels during the week ending March 22. Additionally, distillate inventories saw a rise of 531,000 barrels, while gasoline stocks decreased by 4.4 million barrels.