SINGAPORE, (Reuters) – Oil prices fell for a second session on Thursday due to an unexpected increase in stock prices that raised concern over the demand following prices rising to new multi-year highs.

U.S. crude fell 0.3% (or 33 cents) to $77.10/barrel after Wednesday’s market climb to $79.78. It was the highest price since November 2014. To $81.06 per barrel, it fell 2 cents.

According to EIA data, crude oil stockpiles rose last week according to ANZ in a note. Stockpiles for gasoline have also risen, raising concern about weaker demand.

The U.S. Energy Information Administraion reported that crude oil inventories increased by 2.3 Million barrels last week. This was against the expectations of a slight dip to 418,000 barrels. The inventories of gasoline also increased, but distillate inventories fell slightly.

Inflationary pressure has increased by more than half this year. This could hinder recovery from the COVID-19 pandemic, and affect consumer demand. Coal prices also have risen.

On Monday, the Organization of the Petroleum Exporting Countries (OPEC+), said it will continue to adhere to the pact to increase oil production gradually. This would send crude prices up to new multi-year highs.

Sources close enough to the organization told Reuters that OPEC+ decided to raise oil production gradually and modestly despite this year’s price surge. This was partially driven by fears about lower demand.