Oil prices declined for a third session on Wednesday due to profit taking over concerns about a possible increase in supplies from Iran, despite industry data showing an unexpected drop in U.S. crude inventories.

Brent crude futures were down 8 cents, or 0.1%, to $90.70 a barrel by 08:25 GMT, while U.S. West Texas Intermediate crude was at $89.18 a barrel, down 18 cents, or 0.2%.

Contracts fell about 2 percent on Tuesday as Washington resumed indirect talks with Iran on reviving a nuclear deal. Such a deal could lift U.S. sanctions on Iranian oil and quickly boost supplies to the market, though a number of vital issues remain to be resolved.

“As negotiations continue, the oil price is likely to decline next week despite the upward jump we saw today,” CMC Markets analyst Tina Teng said, adding that investors are also taking some profits. have become cautious after prices hit more than seven-year highs.

OCBC economist Howie Lee said investors may see the nuclear talks with Iran as an opportunity to take some profits, but doubt the price decline will be severe as fundamentals are still very tight.

“The U.S. trip to Iran to resume talks to lift sanctions shows … how tight the market is,” he added.

Governments from the United States to Japan are looking for ways to cope with high oil prices amid soaring inflation.

“Lack of supply is a key factor that has lifted the price of oil,” said Tan of CMC Market.

Inventories of crude oil , gasoline and distillates in the U.S. fell last week, according to market sources citing data from the American Petroleum Institute on Tuesday. API data showed crude inventories fell by 2 million barrels, while analysts had expected an increase of 400,000 barrels.

Additional data from the U.S. EIA will be available at 10:30 a.m. Eastern Standard Time (3:30 p.m. GMT).

However, oil prices at around $100 a barrel could also boost United States production. The Energy Information Administration expects U.S. crude oil production to rise by 770,000 bpd to 11.97 million bpd in 2022.

In Europe, concern over Ukraine eased after French President Emmanuel Macron said he believed steps could be taken to de-escalate the crisis after meeting with Russian President Vladimir Putin and urged all sides to remain calm.