(Bloomberg) -- Oil fell to the lowest in more than a year as persistent concerns about weakening demand overshadowed the potential for OPEC+ to delay supply increases.

Global benchmark Brent slipped 1.4% to settle at $72.70 a barrel, the lowest closing price since June 2023. OPEC+ members are close to an accord that would pause a plan to raise the group’s production in October, delegates said Wednesday.

Led by Saudi Arabia and Russia, the OPEC+ alliance had intended to add 180,000 barrels a day next month as it gradually restarts output that was halted since 2022 in a bid to shore up prices. The cartel has repeatedly said it could “pause or reverse” the hike if necessary.

“Headlines of OPEC potentially reneging on supply release brought some respite to markets in the early hours of trading, but momentum from the systematic and macro community appears quite strong at the moment until the dust settles,” said Frank Monkam, senior portfolio manager at Antimo.

The gyrations followed a steep selloff on Tuesday. Downbeat economic data from China and the US has stirred fears about oil demand in the top two consumers, adding to concerns that a surplus will emerge next year.

Another bearish factor is the potential resolution to the power struggle in Libya that curtailed supply from the OPEC member state last week. Libya’s central bank chief said Tuesday a deal to end the dispute appears imminent.

Crude has now erased all of its gains for the year. Refined-products markets have led the weakness, with gasoline futures in New York falling 11% Tuesday to their lowest since December 2021. The trend may deliver a timely election boost for Vice President Kamala Harris as pump prices are one of the most visible measures of inflation for voters.

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--With assistance from Antonia Mufarech.