By Gina Lee

Investing.com – Oil was down Thursday morning in Asia, dropping for a second session as showed a surprise build.

They were at $80.56 as of 11:21 ET (23:21 GMT), and down 0.4% to $76.67.

EIA data shows that crude oil stockpiles increased last week. Stockpiles of gasoline also surged raising concerns of weaker demand,” ANZ said in a note.

Wednesday’s showed a build of 2.346 million barrels in the week to Oct. 1. Investing.com had made forecasts for a 418,000 barrel draw and a 4.578 billion barrel build during the prior week.

Released the previous day, it showed a build up of 951,000 barrels.

As the winter nears, the black liquid rose to its highest level since 2014. Saudi Aramco (SE:) The crunch already has boosted consumption. Meanwhile, the U.S. is said to be considering the release emergency oil reserves.

However, “high energy prices are mostly centered around supply-side issues and they do not look like they will persist beyond winter,” Oversea-Chinese Banking Corp. economist Howie Lee told Bloomberg.

“Where prices are at right now, I think they look reasonable, but I still have my doubts about $100 oil.”

Earlier in the week, the Organization of the Petroleum Exporting Countries (OPEC+), stated that it will not change its plan for a gradual rise in oil production.