Oil Prices Drop Slightly After Rise in Crude Inventories While Gasoline Stocks Fall

Crude oil prices saw a small dip on Thursday after EIA reported a 10.2 million barrel inventory build for the week to October 6.

Gasoline inventories declined by 1.3 million barrels last week while middle distillates saw a draw of 1.8 million barrels.

Prices retreated after API reported a nearly 13 million barrel crude inventory build for the week to October 6.

If conflict remains limited to Israel and Palestine, the war premium on oil prices will slowly erode according to ING.

Fuel prices may be getting close to consumers' pain threshold which could lead to falling demand, JP Morgan analysts said.