Oil prices dropped from a three month high to trade at $82, aided by rising gasoline stockpiles.

For September delivery, US crude fell 32 cents at $82.23 by 2.48am ET, while London Brent crude dropped 13 cents to $82.55, reports Reuters.

Data from the American Petroleum Institute revealed crude stockpiles lost 776,000 barrels in the week to 30 July, while gasoline rose 2.3 million barrels and distillate climbed 1.1 million barrels.