Oil prices dropped over $5 on Wednesday after reaching highs of more than $95 a barrel last week and analysts going as far as to project prices reaching $100 by the end of the year.

Brent crude oil futures dropped 5.4%, reaching $86 a barrel on Wednesday at the time of writing. West Texas Intermediate’s futures also dropped significantly to $84.32 a barrel, marking a similar percentage change.

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Finished motor gasoline supply, which is used as a proxy for demand, fell last week to about 8 million barrels per day, its lowest level since the beginning of the year, according to data from the U.S. Energy Information Administration.

The decline in fuel demand could be attributed to several factors, including a drop-off from peak driving season and storms that rained over the Northeast and prevented drivers from hitting the roads.

Wholesale gas prices fell more than 6%, a win for consumers and the Federal Reserve Board, according to Sal Guatieri, a senior economist at the Bank of Montreal, a Canadian investment bank and financial services company.

“In fact, despite the runup in oil, retail gas prices have held remarkably steady in the past two months after jumping in July and are now down again on a year-over-year basis,” Guatieri said in a BMO report released on Wednesday.

The drop in oil prices marks a shift from earlier projections, in which analysts believed costs could reach as high as $100 a barrel by the end of December.

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The sharp fall also follows news that Saudi Arabia and Russia will continue their voluntary oil cuts until the end of the year, made hours before a ministerial meeting of leading oil producers in OPEC+. From the meeting held earlier on Wednesday, the panel made no changes to the group’s output policy.

The daily Kommersant, a Russian news publication, also reported that Russia could be ready to ease its diesel ban in the coming days, citing unidentified sources.