OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices.
Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be canceled or delayed.
Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel by 0256 GMT, while U.S. crude futures fell by 93 cents, or 1.16%, to $79.21 per barrel.
"Any higher-than-expected data may cause a renewed sell-off in risk assets, including oil," Tina Teng, an analyst at CMC Markets said.
"Oil is on the defensive and it could get uglier if inflation proves to be harder to tame," OANDA's Moya said.