By Gina Lee

Investing.com – Oil was down Thursday morning in Asia, continuing its downward trends as the latest, official data confirmed a build in U.S. crude supplies.

edged down 0.18% to $77.95 by 12:05 AM ET (4:05 AM GMT) and inched down 0.03% to $74.81. WTI and Brent futures posted small gains during the previous session.

Some investors may be searching for the next price barrier after Brent futures reached $80 for the first-time in three years.

Joseph Perry, a StoneX analyst, said to Reuters that oil at $80 was not too high.

On Wednesday, the report revealed a draw of 4.578 millions barrels for the week ended Sep. 24. Investing.com’s forecasts for the draw had foreseen a draw between 1.652 and 3.481 million barrels.

A day earlier, data from Investing.com showed an increase of 4.127 millions barrels.

As U.S. production returns to levels prior to Hurricane Ida (which hit the Gulf of Mexico in August 2021), this build has been seen. Last week, U.S. crude oil output climbed to 11.1 million barrels/day.

The Organization of the Petroleum Exporting Countries plus its allies (OPEC+), is expected to keep a production deal of 400,000 barrels/day (bpd), for its October meeting.

Investors are still concerned by the Asia Pacific power crisis, and concerns about China’s housing market. Any economic fallout in the world’s biggest crude importer will impact fuel demand, according to analysts.