There was a lot of activity within the oil prices, on Wednesday as they decreased by almost 2% due to growing doubts that the Organization of the Petroleum Exporting Countries (OPEC) will slow production levels. Therefore, all gains initially achieved following a report on the decrease of U.S. crude oil reserves were erased.

According to a report by the U.S. Energy Information Administration (EIA), U.S. crude oil reserves decreased by 553,000 barrels during the previous week, while estimates by analysts were for a build-up of supplies by almost 1.7 million barrels.

According to the EIA, weekly reports on inventories held by the U.S. which is the world’s largest crude oil producer, showed an increase only once out of the last eight. This goes against the seasonal trend where normally reserves increase because crude oil refineries pause to be serviced. An earlier report released on Tuesday by the American Petroleum Institute (API) on the change in inventories estimated a surge by 4.8 million barrels.

OIL/USD after the news jumped by a noteworthy 4.2% and reached the $50 per barrel level at some point, specifically at $50.09 per barrel. However, the gains were short-lived as the price moved downwards following limited expectations on whether OPEC will reach a decision on reducing oil production. Crude oil prices ended Wednesday’s trading session at $49.26 per barrel, only one cent lower than the trading session’s opening price.

The upcoming OPEC meeting at the end of November is now of increased importance to investors, as a number of OPEC members might oppose the decision to limit oil output. Oil prices were affected following verbal comments by Iraq officials that they are not planning to agree to a proposed cut in production that the Organisation is planning to put forward during the upcoming meeting.

Confidence within the markets on whether OPEC will reach an agreement has been shaken as it is already expected that Iran, Libya, and Nigeria might not agree to the deal. Indonesian officials said last week that they are planning to increase production levels during 2017 by almost 50% and so it is almost certain that they too might not join the agreement.