Oil fell by 0.8% towards $77 today, slipping from its highest point since early May.
For July delivery, US crude dropped 58¢ to stand at $77.09 a barrel at 05.07 GMT, while London Brent for August fell 28¢ to $77.86, according to Reuters.
The Energy Information Administration said overall oil product demand in the US rose by 1.9% in the past four weeks from last year.
Crude stockpiles gained 1.7 million barrels last week while petrol inventories lost 700,000 barrels.
